"The contraction in growth is larger than anticipated by the National Treasury and the SA Reserve Bank, which raises the risk that the actual GDP outcome for this year could be lower than previously thought by both policymakers and the broader market," Mboweni wrote in the piece published in the City Press weekly newspaper.
In his article Mboweni, brought back to cabinet by President Cyril Ramaphosa in 2018 after more than a decade in the private sector, said his office would speed up reforms, by easing regulatory hurdles and allowing more private investment in the public sector, especially in electricity. With debt of around R500 billion and heavily reliant on bailouts from government, Eskom has regularly been cited as the main threat to the economy and fiscal stability.
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