South African President Cyril Ramaphosa is considering changes to his cabinet to spur new economic reforms and will meet with the ruling party leaders this weekend, sources familiar to Bloomberg have confirmed.
Therefore, possible discrepancies in the meeting between the President and his rivals within the African National Congress (ANC) are envisaged. Ramaphosa aims to encourage changes in the executive branch to reactivate the economy and build investor confidence in its government.
Authorities are forecasting a 7.2 percent decline in the economy, compounded by the coronavirus pandemic. The president is therefore trying to make changes in the country to reverse this situation.
Ramaphosa, a former trade unionist and businessman, was sworn in as South African president for promising to create jobs and fight the pervasive corruption that has stifled the country’s economic growth.