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In a bid to revive its ailing economy which has suffered two recessions in two years, President Cyril Ramaphosa of South Africa expanded the Rainbow Nation’s Economic Advisory Council with the appointment of Nigeria’s Dr. Ngozi Okonjo Iweala as member of the country’s economic council. This information became public last weekend during the second meeting of the Council. In October 2019, President Ramaphosa inaugurated members of the council and charged them with the responsibility of ensuring that the South African government and the public are greatly equipped to easily adapt to changes in the economy.

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South Africa’s Economic Advisory Council is a non-statutory and independent body headed by the President and forms a team of prominent economists and technical experts drawn from the private sector, academia, community, labour, think tanks, and other fields. Part of the responsibilities of the members includes volunteering their time and being compensated for subsistence and travel in their respective three-year term. Constituting expertise in international economics, macroeconomics (inclusive of fiscal and monetary economics), economics of education, labour economics, and the economics of poverty, inequality, and urban development are also key areas of focus for the Council. Microeconomics is one of the major areas of insight for the Council with focus on regulation and competition, network industries, trade, climate change, and energy.

Now, as Advisory Council, you have set the agenda for this meeting yourself and you have identified various issues that you want to address us on…This meeting is really your collective response on the economic challenges our economy is facing right now. The diversity of ideas is what I appreciate. Now, there have been a number of developments that have taken place in our country… Of course, the immediate challenge we are facing now is the energy crisis
President Cyril Ramaphosa

Dr. Ngozi Okonjo, a two-term Nigerian Finance Minister, currently holds the position of Board Chairperson of Gavi, a public-private global health partnership dedicated to ensuring that poor countries get easy access to immunization, was former Managing Director (Operations) of the World Bank, and is also presently the Board Chairperson of the African Risk Capacity, and board member, Standard Chartered Bank and Twitter. She went further to share a tweet of her new role and was applauded by Nigerians on and off social media.

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With President Ramaphosa, members of cabinet, and members of the Presidential Economic Advisory Council in Pretoria discussing sources of growth for the South African economy and win-win economic interactions with the continent
Dr. Ngozi Okonjo Iweala

Former Nigerian President, Goodluck Ebele Jonathan has sent congratulatory message to Dr. Ngozi on her appointment, and expressed his confidence in her abilities to deliver in her new role as member of South Africa’s Presidential Economic Advisory Council. It will be recalled that Iweala was the Nigerian Minister of Finance during the leadership of President Jonathan, a position she equally held during the administration of President Olusegun Obasanjo, playing a pivotal role in debt cancellation for the West African nation.

I congratulate Dr. Ngozi Okonjo-Iweala who served as the coordinating minister for the economy/finance minister in my cabinet, on her appointment as a member of South Africa’s Presidential Economic Advisory Council.As a two-time minister in Nigeria, you left indelible marks as an astute manager of the nation’s economy and resources.I am delighted that you have continued to place your substantial wealth of experience as a development economist at the service of many nations and international organisations to aid global growth and progress.I have no doubt in my mind that you will excel in the new assignment.”
Dr. Goodluck Ebele Jonathan

Sources:

All Africa

Punch NG

Featured Image Source: This Day Live

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This article was first published on 13th March 2020 and updated on March 15th, 2020 at 9:54 am

ugo-chinedu

I am a Lion, I love to hit heights that seem impossible so I can motivate others and prove doubters wrong. For me, impossible is nothing. I'm open to learning and I love to read, travel and meet new faces.