‘Give South African Economy More Time To Revive’ Gordhan Tells Investors


The Finance Minister Pravin Gordhan has in a recent meeting with international investors, urged them to exercise patience with the South African economy as efforts are being made for it to have a huge turn around.

The finance minister, who is on an international trip to have a meeting with both the US and UK investors, plans to win them back to see reasons to invest in the nation’s economy. He has spent two days in back-to-back meetings in New York, following ones in Boston and London.

Gordhan pointed out that one of the biggest concerns of foreign investors as they expressed to him, was to see a viable structural reforms undertaken by the country. They are more concerned on “the issue of how you get better, higher and inclusive growth.” he said.

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However, Gordhan is optimistic that the economic situation of the country would be revived in the next sis months. He therefore urged investors not to lose hope, give South Africa Six to twelve months before finally writing the country’s economy off.

“I’m an optimist by nature; therefore we try it out first before saying it won’t work.”

Gordhan has engaged himself in series of business travelling to meet with business, trade unions and Treasury members to show a united front to investors.

Meanwhile, the deputy finance minister Mcebisi Jonas had earlier this week, urged the South African political parties to set aside all narrow agenda in the interest of the country especially as the country is going through tough times.

Addressing the threat of South Africa losing its investment-grade status which overshadowed the debate on the financial budget at the National Assembly, Jonas reiterated that the country was merely doing through difficult time which is similar to most countries in the world. He said the country’s economy is not yet about to collapse as many political parties has made it look.

“There is no doubt we are going through tough times. There are clear dangers we need to avoid. But we’re not on the brink of collapse as many would have us believe. Yes we know it is an election year, but as elected leadership, we put the country above our narrow short-term political interests,”  he noted.

Also, Gordhan said earlier this week that the ratings agency -Moody’s- has placed South Africa on review for a downgrade and will visit the country later this month to investigate if it would be possible for the country to reverse its economic outlook.

“They have certain questions in their mind and took this decision last Friday, before we met them” he said as they would be visiting South Africa between 16 and 18 March, to meet various stakeholders and get relevant information that may influence them either not to downgrade us or to downgrade us.

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