South African President Ramaphosa Appoints Okonjo-Iweala Head Economic Advisory Council

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

You will recall 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.

Statistics South Africa said the economy shrank 1.4 percent in the fourth quarter, following a revised 0.8 percent contraction in the third quarter. Agriculture declined 7.6 percent, transport 7.2 percent, construction 5.9 percent, electricity 4 percent, and retail 3.8 percent, 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.