Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      Meta to build Manhattan-scale, multi-gigawatt data centres

      15 July 2025

      Trump tariffs could wreck South Africa’s vehicle manufacturing industry

      14 July 2025

      Legislative overhaul on the cards for South Africa’s ICT sector

      14 July 2025

      The 1940s visionary who imagined the Information Age

      14 July 2025

      Microsoft South Africa to get new MD as Lillian Barnard moves to regional role

      14 July 2025
    • World

      Grok 4 arrives with bold claims and fresh controversy

      10 July 2025

      Bitcoin pushes higher into record territory

      10 July 2025

      Cupertino vs Brussels: Apple challenges Big Tech crackdown

      7 July 2025

      Grammarly acquires e-mail start-up Superhuman

      1 July 2025

      Apple considers ditching its own AI in Siri overhaul

      1 July 2025
    • In-depth

      Siemens is battling Big Tech for AI supremacy in factories

      24 June 2025

      The algorithm will sing now: why musicians should be worried about AI

      20 June 2025

      Meta bets $72-billion on AI – and investors love it

      17 June 2025

      MultiChoice may unbundle SuperSport from DStv

      12 June 2025

      Grok promised bias-free chat. Then came the edits

      2 June 2025
    • TCS

      TCS+ | MVNX on the opportunities in South Africa’s booming MVNO market

      11 July 2025

      TCS | Connecting Saffas – Renier Lombard on The Lekker Network

      7 July 2025

      TechCentral Nexus S0E4: Takealot’s big Post Office jobs plan

      4 July 2025

      TCS | Tech, townships and tenacity: Spar’s plan to win with Spar2U

      3 July 2025

      TCS+ | First Distribution on the latest and greatest cloud technologies

      27 June 2025
    • Opinion

      In defence of equity alternatives for BEE

      30 June 2025

      E-commerce in ICT distribution: enabler or disruptor?

      30 June 2025

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » News » Economic crisis ‘rendering SA sober’

    Economic crisis ‘rendering SA sober’

    By Agency Staff16 February 2016
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp
    reuel-khoza-640
    Reuel Khoza

    The economic crisis following President Jacob Zuma’s treasury debacle has finally brought about a convergence of government and business, former Nedbank chairman Reuel Khoza said on Tuesday.

    “It’s so edifying to have the two parties talk to each other, no longer in a hesitant fashion,” he said. “The erstwhile suspicion that government had of so-called capital, and capital also castigating government for being inefficient, appear to be null.”

    Khoza, who was the first black leader to become chairman of one of South Africa’s big four banks, stepped down in 2015 after nine years in the role.

    “We are in a crisis of mammoth proportions,” he said. “To get downgraded and to climb out of that will be very difficult.

    “It looks like that crisis is rendering all of us sober and we mean to actually converge and work together,” he said.

    In December, Khoza co-authored a letter to Zuma after the markets and rand plummeted due to his firing of finance minister Nhlanhla Nene and appointment of Des van Rooyen.

    “The damage this is causing to the credibility of the country may take years or even decades to reverse … we are gravely concerned about the manner in which you are governing us,” he co-wrote, according to BizNews.

    A proud Khoza praised the leadership of Old Mutual and Nedbank, which he said made the biggest impact to bring business and government together.

    Old Mutual Emerging Markets CEO Ralph Mupita and Nedbank CEO Mike Brown drew up a presentation to show government how to avoid falling off the ratings cliff into “junk status” and have led the convergence of business and government, said Khoza.

    Planting the seed for change

    Mupita and Brown actually drove that process, he said. “They are the ones who actually built a case for ensuring that we don’t get another downgrade,” he said.

    “There is a sense that one planted a seed and the management and executive … just see the world in a different way.

    “It does appear that government now sees the need to listen to business. I have always argued that … business and the public sector have got to operate together in perfect tango in order for us to prosper.”

    Nedbank’s engagement has resulted in several meetings between the country’s top business leaders and finance minister Pravin Gordhan, Zuma and deputy president Cyril Ramaphosa.

    Khoza said that if we can work together “sufficiently and substantially to avert being downgraded to junk, the future is bright”.

    “In fact, we can only grow.”  — Fin24



    Cyril Ramaphosa Des van Rooyen Jacob Zuma Mike Brown Nedbank Nhlanhla Nene Old Mutual Pravin Gordhan Ralph Mupita Reuel Khoza
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleSize of cabinet must be slashed: expert
    Next Article SA online spending to top R37bn

    Related Posts

    Trump tariffs could wreck South Africa’s vehicle manufacturing industry

    14 July 2025

    Still in play: Ramaphosa banks on talks to ease US tariff blow

    8 July 2025

    Ramaphosa blasts Trump over threatened Brics tariffs

    8 July 2025
    Company News

    Banking on LEO: Q-KON transforms financial services connectivity

    14 July 2025

    The future of business calling: Voys brings your landline to the cloud

    14 July 2025

    How digital twins and AI are shaping the future of security

    14 July 2025
    Opinion

    In defence of equity alternatives for BEE

    30 June 2025

    E-commerce in ICT distribution: enabler or disruptor?

    30 June 2025

    South Africa pioneered drone laws a decade ago – now it must catch up

    17 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.