Africa Business

Ngozi Okonjo-Iweala to lead South Africa’s Presidential Economic Advisory Council

Dr. Ngozi Okonjo-Iweala has been consulted by the South Africa’s government to help rescue the nation out of recession. The Nigeria’s former Minister of Finance and former Managing Director of World bank will lead the Presidential Economic Advisory Council.

South Africa, the 2nd largest economy in Africa is currently experiencing economic downturn as it entered its second recession in two years.

The economy shrank 1.4 per cent in the fourth quarter, following a revised 0.8 per cent contraction in the third quarter. Agriculture declined 7.6 per cent, transport 7.2 per cent, construction 5.9 per cent, electricity 4 per cent and retail 3.8 per cent, statistical data showed.

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The former minister tweeted on Saturday, saying that she met with President Cyril Ramaphosa, and members of the Presidential Economic Advisory Council in Pretoria to discuss the way forward.

“With President Ramaphosa, members of cabinet, and members of the Presidential Economic Advisory Council in Pretoria discussing sources of growth for the South African economy and win-win economic interactions with the continent,” she tweeted.

The Nigerian-born economist and international development expert sits on the Boards of Standard Chartered Bank, Twitter, Global Alliance for Vaccines and Immunization (GAVI), and the African Risk Capacity (ARC).

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