{"id":264883,"date":"2018-08-14T14:19:44","date_gmt":"2018-08-14T12:19:44","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=264883"},"modified":"2018-08-14T14:19:44","modified_gmt":"2018-08-14T12:19:44","slug":"ramaphosas-new-plan-to-rekindle-growth-ahead-of-the-2019-elections-report","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/264883\/ramaphosas-new-plan-to-rekindle-growth-ahead-of-the-2019-elections-report\/","title":{"rendered":"Ramaphosa&#8217;s new plan to rekindle growth ahead of the 2019 elections: report"},"content":{"rendered":"<p>President Cyril Ramaphosa has proposed setting up a sovereign wealth fund to help boost economic growth.<\/p>\n<p>According to a report by <strong><a href=\"https:\/\/af.reuters.com\/article\/africaTech\/idAFL5N1V53Y1\" target=\"_blank\" rel=\"noopener\">Reuters<\/a><\/strong>, the idea has the backing of the ANC, and is being seriously considered in a bid to rekindle growth before next year\u2019s national election.<\/p>\n<p>No details were provided on\u00a0where the money for the fund would come from, however Reuters noted that most sovereign wealth funds typically utilise revenues from oil and gas exports.<\/p>\n<p>The idea of setting up a sovereign wealth fund, which other emerging markets such as Russia use to lift growth at times of weak commodity prices, was dropped by South African officials several years ago when commodity prices plunged.<\/p>\n<p>Zizi Kodwa, a member of the ANC\u2019s NEC, told Reuters that it would be government that would decide which revenues to use to set up the fund.<\/p>\n<p>&#8220;South Africa has a lot of mineral wealth, but it\u2019s not up to the ANC to decide where to take the money from,&#8221; Kodwa said.<\/p>\n<p>&#8220;A sovereign wealth fund could be an important source of stimulus, that is what we are saying.&#8221;<\/p>\n<p>However, economists speaking to Reuters said that they are\u00a0sceptical that South Africa &#8211; a major producer of commodities such as gold and coal &#8211; could easily set up a sovereign wealth fund given its large budget deficit and shrinking mining sector.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/government\/264629\/government-denies-it-has-plans-to-retrench-30000-public-servants\/\" target=\"_blank\" rel=\"noopener\">Government denies it has plans to retrench 30,000 public servants<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Cyril Ramaphosa has proposed setting up a sovereign wealth fund to help boost economic growth &#8211; here&#8217;s what that means.<\/p>\n","protected":false},"author":10,"featured_media":259409,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-264883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/264883","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=264883"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/264883\/revisions"}],"predecessor-version":[{"id":264891,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/264883\/revisions\/264891"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/259409"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=264883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=264883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=264883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}