Economics
S. Africa Monetary Policy Can’t Fix Economy Alone, Kganyago Says
- Supply side of economy is in deep trouble, governor says
- SARB would have more space to cut if CPI moderates further
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South Africa’s weak economic growth is due to unsustainable policies and monetary policy alone can’t fix that, Reserve Bank Governor Lesetja Kganyago said.
Data released on Tuesday showed Africa’s most-industrialized economy slumped into its second recession since President Cyril Ramaphosa came to power at the start of 2018, after gross domestic product declined more than projected in the fourth quarter. That was largely blamed on power cuts that intensified in the period, knocking business confidence.