Rising private consumption is driving growth in Africa’s best performing economies and this will remain the case over the medium term. This reliance on domestic growth drivers has allowed these countries to benefit from the commodity price slump and will to some extent insulate them from the global growth slowdown, providing investors attractive investment opportunities.
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National Treasury has released a frank and introspective economic policy document in which it stresses the country’s clear and pressing economic issues and puts forward a game plan on how to address these. Released on Tuesday, August 27, the report will be open to public comment until mid-September. The document emphasises the importance of a major role for the private sector and even suggests privatising some state-owned assets, which makes its publication a political act.
The return of ‘prescribed assets’ – a policy of compelling pension funds to invest a prescribed portion of their assets under management in certain classes of assets, most probably government bonds – would hit equity prices, depress returns on fixed income, diminish the overall attractiveness of South Africa as an investment destination and destabilise the asset management industry. We and the majority of analysts oppose it.
Research briefing archive
- Côte d'Ivoire | Early outlook for the 2020 election
- Africa | Vulnerability to rapidly changing global dynamics
- West Africa | Climate not yet right for the eco
- South Africa | With the lights on, economic prospects could be brighter
- Africa | Implications of procyclical fiscal policy in North and West Africa
- South Africa | A budget driven by crisis management