South Africa Appoints Okonjo Iweala Head Of its Economic Advisory Council

By Akinwale Kasali

In a bid to get its acts right, economically, South Africa has tapped Nigeria’s Dr Ngozi Okonjo- Iwela to drive it. Announcing the refreshing appointment, South African President, Cyril Ramaphosa, enthused that  Okonjo-Iweala would head  the Nation’s Economic  Advisory Council.

The appointment was made by Ramaphosa in the wake of his country slipping into recession, for the second time, within a couple of years.

Okonjo-Iweala, a former Vice President, and  Managing Director of the World Bank, was appointed Nigeria’s Finance Minister by President Olusegun Obasanjo. She resigned  from Obasanjo’s cabinet, when he reassigned her to the Foreign Affairs Ministry.

She, however, was brought back to Nigeria by President Goodluck Jonathan who reappointed her to the Finance Ministry and also made her the Coordinator of Nigeria’s Economy.

An elated Okonjo-Iweala took to her verified twitter handle to share the news after meeting with the President and his cabinet.

She wrote: “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.”

Meanwhile, data revealed on Tuesday that South Africa entered its second recession in two years in the final quarter of last year as agriculture, transport and construction contracted, highlighting the impact of electricity reduction on the nation’s economy.

The data also showed that South Africa’s economy reduced to 1.4 per cent in the fourth quarter, following a revised 0.8 per cent contraction in the third quarter. Agriculture reduced to 7.6 per cent, transport 7.2 per cent, construction 5.9 per cent, electricity 4 per cent and retail 3.8 per cent.

South Africa’s President has an implicit confidence in Okonjo-Iweala to turn things around for the country.