Fimin Enoch Godongwana explains CODI’s Twin Peaks model

South Africa's Finance Minister, Enoch Godongwana, recently discussed the country's financial regulatory structure and the implementation of the Twin Peaks model in an interview with CNBC Africa. The Twin Peaks model, as explained by the Minister, consists of two key components. The first peak involves providing a legislative framework for proper regulation of financial institutions, while the second peak focuses on consumer protection. Godongwana emphasized the importance of having a regulated framework for each of these components to ensure financial stability and consumer confidence. The implementation of the Twin Peaks model represents a significant step towards enhancing financial oversight and safeguarding the interests of both financial institutions and consumers in South Africa. In addition to discussing financial regulation, Godongwana also touched upon other critical issues impacting the country's economy, such as electricity supply, logistics, and climate. The Minister expressed optimism about the improved electricity supply in South Africa, highlighting its positive impact on economic growth and the overall outlook for the country. Moving on to fiscal consolidation, Godongwana asserted his leadership in managing this aspect of the country's finances, stating that he does not require external advice from entities like the IMF. He emphasized the importance of context-specific fiscal consolidation that aligns with South African conditions and priorities. Despite the challenges posed by upcoming elections, Godongwana remains confident in South Africa's ability to pursue fiscal consolidation effectively. On the topic of financial stability, the Minister reassured that South Africa is on a sound footing, with the Financial Stability Board highlighting the country's stability. While acknowledging minor issues with some smaller banks, Godongwana overall expressed satisfaction with the level of financial stability in South Africa. The interview with Finance Minister Enoch Godongwana provides valuable insights into the country's financial regulatory framework, economic priorities, and commitment to maintaining stability amidst global market volatility.