South Africa snaps Ngozi Iweala to rebound economy, heads economic council

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

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.

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.

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