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<p>Zimbabwean President Emmerson Mnangagwa is in Russia today trying to win over investors to help save his failing economy plagued by fuel shortages and strikes. Next week he goes to the World Economic Forum in Davos on the same mission. Many in Harare as saying the president should stay at home instead to battle economic tough times in his own back yard. CNBC Africa’s Chris Bishop filed this report.</p>


Zimbabwe plans new currency as economic crisis escalates

<p><em>Shalin Bhagwan | Ashburton Investments </em></p>
<p>While our developed market counterparts focused on the messages from China, Trump and Macron or perhaps even a new-found emphasis on the politics of inclusion and equality, I suspect that for most South Africans, it was Cyril Ramaphosa that stole the show at last week&#8217;s World Economic Forum in Davos, Switzerland.</p>
<div id="attachment_120551" style="width: 1034px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-120551" class="wp-image-120551 size-full" src="http://cnbc.africa/wp-content/uploads/2017/04/Cyril-Ramaphosa-GovZA.jpg" alt="" width="1024" height="727" /><p id="caption-attachment-120551" class="wp-caption-text">Photo: Government ZA</p></div>
<p>The first opportunity to witness an (almost) unfettered and newly-elected President of the ANC, Cyril Ramaphosa, engage global business leaders on the world stage must surely be a clear sign of the positive things to come for South Africa in 2018, and beyond.</p>
<p>If we could distil Ramaphosa’s key message to leaders like Christine Lagarde of the IMF or famed CNN-reporter Christian Amanpour, it would be this: South Africa is back, possibly from the brink, but from here on count on us to get stronger, better, faster.</p>
<p>Stronger governance through a resolute focus on stamping out corruption as well as stronger relations between government and business.</p>
<p>Better accountability to the people of South Africa and certainty of government regulatory policy.</p>
<p>Faster progress to achieving the above as well as the goals that the country has set itself through its longer-term stated initiatives such as the NDP.</p>
<p>And all of this coalesces the central message: South Africa is back and open for business.</p>
<p>But, South Africa is not an island, and if DP Ramaphosa was in Davos to garner international support for the ‘new’ South Africa then are the doors to international investment tightly shut or slightly ajar?</p>
<p>It would appear to be the former if Donald Trump’s tweets are to be taken at face value; the leader of the world’s largest economy seems to be shutting shop with a banner that reads ‘America First’? Or, maybe not?</p>
<p>Some would say, a reconciliatory Trump was quick to point out that America’s economy, thanks to him, was booming and that even according to the IMF, his tax cuts will likely supercharge the American economy – even if that boost is a transient one. And a booming America is great for the global economy with both China and India growing in excess of 6%.</p>
<p>Even China with its Belt and Road initiative, a global, $1 trillion initative designed to bolster infrastructure investment across more than 60 countries, should play nicely into South Africa’s quest to re-ignite its economy following years of sub-par economic growth and a failure to capitalise on the last commodity boom.</p>
<p>So, despite the unwinding of QE in the developed world and the prospect of higher interest rates, the developed world remains in a low yielding environment.</p>
<p>In their search for yield, developed market investors with favourable global tailwinds from the US and China, continue to eye emerging markets.</p>
<p>South Africa is lining up to make sure that this time it does not miss out. What better place to start than a rejuvenated political leadership credibly engaging world business on the global stage at Davos.</p>
<p>Bring on 2018.</p>


Davos: the dawn of a new day for South Africa

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<p>CNBC Africa&#8217;s Bronwyn Nielsen caught up with MTN Group Senior Executive, Stephen Van Coller to discuss the overarching impressions of this particular meeting, the role of women in business and also what the Trump visit meant.</p>


What MTN is doing to bridge the gender inequality gap

<p>(DAVOS) The man likely to be the next president of South Africa took a few significant steps on the path to power in the snows of Davos, Switzerland. He spent a few hours on&nbsp; a charm&nbsp;offensive at a dinner in Davos with some of the biggest names in business in South Africa: Stephen Koseff of Investec;&nbsp;Peter Matlare of Barclays Africa;&nbsp;medical supplies millionaire&nbsp;Stanley Bergman; Precious Motsepe; Jacko Maree; Maria&nbsp;Ramos and South African Reserve Bank Governor Lesetja Kganyago and Johannesburg Stock Exchange head Nicky Newton-King.</p>
<p><a href="http://cnbc.africa/category/insights/world-economic-forum/wef-davos-2018/">FOR MORE STORIES ON WEF DAVOS 2018 CLICK HERE</a></p>
<p>It was golden&nbsp;row of business names sat along the table and Ramaphosa walked it, with microphone in hand, smiling his bright smile and cracking jokes. He told them his dream in life&nbsp;was to be a&nbsp;film director and chided Kganyago as hebfor not &nbsp;Lestja for getting a top job at the Interantional Monetary Fund steering committee without wearing a tie to any of the meetings.</p>
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<p>&#8220;Ï don&#8217;t know whether he is trying to&nbsp;assert his rural roots in Limpopo or what,&#8221;&nbsp; smiled Cyril to laughter from the dinner party.</p>
<p>It is this light touch that could win Ramaphosa friends among the small group of people&nbsp;who control South Africa&#8217;s capital and appeared to be doing so. If Ramaphosa is to take a serious tilt at fixing South Africa&#8217;s spluttering economy he must have the support of the&nbsp;business world.</p>
<p>Friendly and avuncular Ramaphosa swapped seats along the long table so he could&nbsp;talk to everyone. It was more like a South African wedding than a formal dinner in Davos.</p>
<p>The talk among the table among the rich and powerful was that Ramaphosa was doing and saying all the right things especially when it came to stamping out corruption..</p>
<p>That was the starter &#8211; over to Ramaphosa for the main course.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#8211;</p>


ANC’s President Cyril Ramaphosa strikes out on the path to power

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<p>CNBC Africa&#8217;s Head of Programming, Chris Bishop discussed problems facing black business as well as South Africa&#8217;s changing business sentiments with the Secretary-General of the Black Business Council, George Sebulela.</p>


Black Business Council views on Ramaphosa, WEF 2018, economy

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<p>CNBC Africa&#8217;s Bronwyn Nielsen discussed the uptick in global growth, outlook for emerging markets with Sunil Kaushal, Regional CEO, Africa and Middle East, Standard Chartered Bank.</p>


How Standard Chartered is working towards inclusive growth in Africa

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<p>CNBC Africa caught up with Dr Patrick Njoroge, Governor of the Central Bank of Kenya at the ongoing World Economic Forum and spoke to him about Kenya’s agenda at WEF Davos.</p>


Central Bank of Kenya chief woos investors at WEF

<p>(DAVOS) What happens to South Africa&#8217;s President Jacob Zuma now? That was the question on the lips of many foreign investors as they heard the South African delegation make their case at the World Economic Forum in Davos, Switzerland.</p>
<p>President Zuma&#8217;s chances of completing the approximately 18 months left in his second term as leader of South Africa have been in question ever since that December day when Cyril Ramaphosa succeeded him as president of the ruling African National Congress. This makes Ramaphosa a shoe-in for president should the ANC win the 2019 South African elections.</p>
<p><a href="http://cnbc.africa/category/insights/world-economic-forum/wef-davos-2018/">FOR MORE STORIES ON WEF DAVOS 2018 CLICK HERE</a></p>
<p>According to senior sources in the ruling African National Congress, in Davos, for WEF there is a good chance President Zuma could resign by February 7 the last day of the Mining Indaba in Cape Town leaving Ramaphosa free to give the State of the Nation address in Parliament on February 8 where he can take national policy by the scruff of the neck.</p>
<p>&#8220;The alternative is an impeachment motion in Parliament and that could mean the president could lose all his benefits and pension. We are hoping common sense will prevail,&#8221; says one source in Davos.</p>
<p>&nbsp;</p>


What foreign WEF 2018 delegates wanted to know about SA

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<p>CNBC Africa&#8217;s Bronwyn Nielsen spoke to Jean-Philippe Courtois, Microsoft’s Executive Vice President, Global Sales, Marketing and Operations about artificial intelligence and getting Africa to leapfrog into the fourth industrial revolution.</p>


Microsoft’s Courtois: This is what we are doing to push Africa in the fourth industrial revolution

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<p>CNBC Africa&#8217;s Chris Bishop caught up with Malusi Gigaba, South Africa&#8217;s minister of finance at the  World Economic Forum to talk about South Africa&#8217;s fiscus and the economic prospects.</p>


SA’s FinMin Malusi Gigaba: This is SA’s new economic plan

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<p>Nigeria&#8217;s Vice President Yemi Osinbajo told CNBC Africa that the country&#8217;s economy is performing better than expected, and also disclosed that President Muhammadu Buhari is focused on his term in office and not on the 2019 elections. CNBC Africa&#8217;s Chris bishop spoke to him about this and more on the side-lines of the World Economic Forum in Davos.</p>


Nigerian VP Osinbajo speaks on incentives to lure investors, gives outlook for 2018

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<p>Africa&#8217;s aviation despite its major challenges is an industry that has very big potential for future growth in Africa says Hassan El-Houry, CEO National Aviation Services. He said this speaking to CNBC Africa’s Chris Bishop on the side-lines of WEF Davos 2018.</p>


Africa’s aviation industry has great potential – National Aviation Services CEO

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<p>Patrick Dlamini, CEO, Development Bank SA tells CNBC Africa that South Africa has to do whatever it takes to be the country that investors want to put their money into.</p>


This is what Eskom now needs to do to get back on track -funder DBSA

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<p>Stephanie Von Friedeburg, Chief Operating Officer at the IFC speaks to CNBC Africa’s Chris Bishop at WEF 2108 about how to bridge the energy divide in Africa.</p>


How IFC plans to accelerate energy access in Africa

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<p>Henry Schein, the world&#8217;s largest provider of healthcare products and services to office-based dental, animal health, and medical practitioners is in Davos and CNBC Africa caught up with the CEO of Henry Schein, Stanley Bergman.</p>


Henry Schein’s StanleyBergman on why he is bullish on SA

<p>South Africa’s budget has involved making tough decisions to stabilise the country’s debt and the country will feel some pain as a result, its finance minister said on Wednesday.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-297183 size-full" src="http://cnbc.africa/wp-content/uploads/2018/01/Malusi-Gigaba_Flickr.jpg" alt="" width="1024" height="683" /></p>
<p>The South African economy, Africa’s second largest and most industrialised, has slowed to a near standstill.</p>
<p>Finance Minister Malusi Gigaba said the upcoming budget, to be unveiled in the spring, would involve interventions in order to boost confidence and grow the economy, as part of what he described as “a difficult fiscal framework”.</p>
<p>“What I will be doing at the budget will be going to announce the tough decisions to stabilise the debt but reduce the budget deficit,” he said, speaking on the sidelines of the World Economic Forum in Davos.</p>
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<p>“We have to announce tough decisions and South Africans will have to bear some pain (as a result) of some of the decisions we are going to have to announce in order to stabilise our debt,” he said. He did not give details of the proposals.</p>
<p>President Jacob Zuma’s reign has been beset by allegations of influence-peddling in government and mismanagement of state-owned enterprises which have dented consumer and business confidence. Zuma has denied allegations that he has allowed his friends to influence the appointment of ministers.</p>
<p>South Africa’s economy grew 2.5 percent in the three months to the end of June, after contracting by 0.6 percent in the first quarter and by 0.3 percent in the final quarter of 2016.</p>
<p>But since South Africa emerged from its 2009 recession, growth has fallen short of the government’s target of five percent, the level economists say is needed to curb unemployment.</p>
<h3>RATING</h3>
<p>A Moody’s rating review could see South Africa’s rating cut to junk and the country’s bonds ejected from a key index. That could in turn cause capital to flee the country, raising bond yields and pressuring the currency.</p>
<p>“We are certainly going to avoid it. I‘m very confident,” Gigaba said when asked about the possibility of a downgrade.</p>
<p>He said ratings agencies had previously expressed concern over political and policy certainty, as well as the government’s commitment to fighting corruption.</p>
<p>Gigaba said these issues had largely been resolved after Cyril Ramaphosa won the race in December to be the new leader of the ruling African National Congress (ANC).</p>
<p>Earlier this month the new ANC leader said South Africa wanted to attract foreign investors to help it kick-start economic growth and will crack down on corruption.</p>


South Africa finance minister warns country will feel pain of tough budget

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<p>CNBC Africa&#8217;s Bronwyn Nielsen caught up with Jim Ovia, Founder of Zenith Bank at the ongoing World Economic Forum and spoke to him about his key takeaways from the meetings.</p>


Davos

Zimbabwe plans new currency as economic crisis escalates

Davos: the dawn of a new day for South Africa

What MTN is doing to bridge the gender inequality gap

ANC’s President Cyril Ramaphosa strikes out on the path to power

Black Business Council views on Ramaphosa, WEF 2018, economy

How Standard Chartered is working towards inclusive growth in Africa

Central Bank of Kenya chief woos investors at WEF

What foreign WEF 2018 delegates wanted to know about SA

Microsoft’s Courtois: This is what we are doing to push Africa in the fourth industrial revolution

SA’s FinMin Malusi Gigaba: This is SA’s new economic plan

Nigerian VP Osinbajo speaks on incentives to lure investors, gives outlook for 2018

Africa’s aviation industry has great potential – National Aviation Services CEO

This is what Eskom now needs to do to get back on track -funder DBSA

How IFC plans to accelerate energy access in Africa

Henry Schein’s StanleyBergman on why he is bullish on SA

South Africa finance minister warns country will feel pain of tough budget

Nigerian delegation to WEF upbeat on economic rebound

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Advertise With Us

Davos

Zimbabwe plans new currency as economic crisis escalates

Davos: the dawn of a new day for South Africa

What MTN is doing to bridge the gender inequality gap

ANC’s President Cyril Ramaphosa strikes out on the path to power

Black Business Council views on Ramaphosa, WEF 2018, economy

How Standard Chartered is working towards inclusive growth in Africa

Central Bank of Kenya chief woos investors at WEF

What foreign WEF 2018 delegates wanted to know about SA

Microsoft’s Courtois: This is what we are doing to push Africa in the fourth industrial revolution

SA’s FinMin Malusi Gigaba: This is SA’s new economic plan

Nigerian VP Osinbajo speaks on incentives to lure investors, gives outlook for 2018

Africa’s aviation industry has great potential – National Aviation Services CEO

This is what Eskom now needs to do to get back on track -funder DBSA

How IFC plans to accelerate energy access in Africa

Henry Schein’s StanleyBergman on why he is bullish on SA

South Africa finance minister warns country will feel pain of tough budget

Nigerian delegation to WEF upbeat on economic rebound

News Tips

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