Tito Mboweni gives his first lecture at Wits
BRAAMFONTEIN – Former Reserve Bank Governor gives his first lecture at the Wits University School of Economic Sciences.
Former Reserve Bank Governor Tito Mboweni gave his first lecture at Wits University School of Economic Sciences where he is an honorary professor. His lecture on 13 October was about the South African economy and silent market.
During Mboweni’s presentation he spoke about the African National Congress’ stance on nationalisation, land reform and the nuclear power plan. He explained that the mining sector is no longer a major sector in relation to the South African economy.
“Those parties calling for the nationalisation of mines and central banks are engaging in the wrong debate,” he said. Mboweni believes that the tertiary sector (services industry) is the dominant one due to a structural shift.
He also spoke about talks between the five emerging national economies Brazil, Russia, India, China and South Africa which have a common currency in order to strengthen the countries part of BRICS exchange rate.
“There is an agreement with the BRICS central banks and the Credit Rating Agency who offer temporary funding to certain countries. Once the BRICS banks get their affairs in order they plan to develop the currency,” he said.
In relation to the South African economy, Mboweni said that 13 per cent in gross domestic product in the second quarter is a major concern and South Africa would be fortunate to not go through a recession.
“Developing skills in different sectors such as in agriculture and the mining sector would assist in growing our own economy, instead of outsourcing foreign skills,” the former Reserve Bank Governor said.
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