BREAKING: South Africa appoints Okonjo-Iweala to rebound economy, heads economic council

Okonjo-Iweala with the council members

South African President, Cyril Ramaphosa has reportedly appointed Dr. Ngozi Okonjo-Iweala as the Head of the country’s Economic Advisory Council.

ORIENTAL TIMES reports that South Africa entered its second recession in two years in the final quarter of last year as agriculture, transport and construction contracted, data showed on Tuesday, highlighting the impact of power cuts on the nation’s economy.

Okonjo-Iweala with Ramaphosa



Statistics South Africa said 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, the data showed.

 President Ramaphosa, was pictured with Dr. Ngozi Okonjo-Iweala, and members of the Presidential economic advisory Council in Pretoria discussing sources of growth for the South African economy.