South Africa: Mboweni's 'Hallelujah' Moment As Ramaphosa Green-Lights Structural Reform

analysis

Finance Minister Tito Mboweni had a 'Hallelujah' moment when President Cyril Ramaphosa told him that the Moody's downgrade was the trigger to pursue structural reforms. It's probably a bit late now and in the wake of the Covid-19 economic meltdown it is hard to see how they can be pursued.

In the wake of the twin body blows of the Moody's downgrade and the Covid-19 lockdown/economic meltdown, Finance Minister Tito Mboweni and Reserve Bank Governor Lesetja Kganyago had a virtual conference call with the media late on Sunday, 29 March. Mboweni tried to strike a jovial tone at times but he sounded stressed.

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