President Cyril Ramaphosa
By Thabo Mosia
On 15 November 2024, President Cyril Ramaphosa announced the appointment of the new members of the Presidential Economic Advisory Council (PEAC), a strategic body tasked with guiding South Africa’s economic policies towards rapid, inclusive, and sustainable growth. The council comprises esteemed local and international economists and experts who will volunteer their time to serve during the 7th Administration.
Purpose and Composition of the Council
The PEAC is a non-statutory, independent body chaired by President Ramaphosa. It brings together prominent figures from academia, the private sector, labour, community organisations, think tanks, and other constituencies. The council’s mandate is to ensure greater coherence and consistency in the implementation of economic policy, equipping the government and society to respond effectively to changing economic circumstances.
Vincent Magwenya, the President’s spokesperson, stated, “The Council constitutes expertise in international economics; macroeconomics (including fiscal policy and monetary economics); labour economics; economics of education; and the economics of poverty and inequality and urban development.” He added that the council also provides insights into microeconomics, focusing on network industries, regulation and competition, trade, energy, and climate change.
Roles and Responsibilities
The PEAC serves as a forum for in-depth and structured discussions on emerging global and domestic developments, economic and development policies, and facilitates their diligent execution. This operating model aims to enhance the work being done to build a capable state, aligning with the 7th Administration’s top priorities.
Newly Appointed Members of the PEAC
The council’s members, listed alphabetically following the profile of the Deputy Chairperson, Dr Renosi Mokate, are:
• Dr Renosi Mokate (Deputy Chairperson): Dr Mokate served as the first deputy chair of PEAC. She is currently the Executive Chair of Concentric Alliance and Chair of the Government Employees Pension Fund.
• Dr Antonio Andreoni: Professor of Development Economics at the Department of Economics of SOAS University of London and Co-Director of the Centre for Sustainable Structural Transformation (CSST). His research focuses on energy transition, mineral resources, reorganisation of international supply chains, and construction of new infrastructure.
• Prof Haroon Bhorat: Professor of Economics and Director of the Development Policy Research Unit at the University of Cape Town. His research interests include labour economics, poverty, and income distribution.
• Dr Kenneth Creamer: Senior Lecturer in the School of Economics and Finance at Wits University, focusing on macroeconomics, growth, and the just energy transition. He has authored various academic papers and articles on economic and development policy in South Africa.
• Prof Esther Duflo: Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at the Massachusetts Institute of Technology. She was awarded the 2019 Nobel Prize in Economic Sciences for her work in understanding the economic lives of the poor and designing effective social policies.
• Prof Vusi Gumede: Dean of the Faculty of Economics, Development and Business Sciences at the University of Mpumalanga. He previously held various senior government positions before joining academia.
• Prof Alan Hirsch: Emeritus Professor at The Nelson Mandela School of Public Governance at UCT and founding director of the school (2011–2019).
• Ms Mamokete Lijane: Chair at Economic Research South Africa (ERSA) and a Strategist in Global Markets at Standard Bank CIB, with 22 years of experience as a financial markets analyst. She has a deep interest in the intersection between public policy, economics, and financial markets.
• Ms Trudi Makhaya: Senior Advisor at the Boston Consulting Group. She served as economic advisor to President Ramaphosa from 2018 to 2023 and was South Africa’s G20 Sherpa during that period.
• Prof Mariana Mazzucato: Professor in the Economics of Innovation and Public Value at University College London (UCL) and Founding Director of the Institute for Innovation & Public Purpose (IIPP). She advises policymakers worldwide on innovation-led, inclusive, and sustainable growth.
• Mr Isaah Mhlanga: Chief Economist and Head of Global Markets Research for Rand Merchant Bank (RMB), leading a team covering macroeconomics, fixed income, currencies, commodities, and credit across South Africa and key African countries.
• Mr Kuben Naidoo: Former Deputy Governor of the South African Reserve Bank (SARB) and member of the Monetary Policy Committee. He is currently the Head of Corporate Payment Channels at Investec.
• Mr Zeph Nhleko: Chief Economist of the Development Bank of Southern Africa (DBSA), coordinating corporate strategy, knowledge management, research, and economics. He began his career as an economist at the South African Reserve Bank.
• Prof Dani Rodrik: Ford Foundation Professor of International Political Economy at the Harvard Kennedy School, with extensive publications in economic development, international economics, and political economy.
• Mr Wandile Sihlobo: Chief Economist of the Agricultural Business Chamber of South Africa and author of “Finding Common Ground: Land, Equity, and Agriculture.” He is a member of the Council of Statistics of South Africa (Stats SA) and a Commissioner at the International Trade Commission of South Africa (ITAC).
• Dr Vera Songwe: Non-resident senior fellow in the Africa Growth Initiative at the Brookings Institution. She is a former Under-Secretary-General at the United Nations and Executive Secretary of the United Nations Economic Commission for Africa.
• Prof Fiona Tregenna: Holds the DST/NRF South African Research Chair in Industrial Development and is a Professor of Economics at the University of Johannesburg. Her primary research interests include structural change, deindustrialisation, and industrial development.
• Prof Imraan Valodia: Dean of the Faculty of Commerce, Law and Management, and Director of the Southern Centre for Inequality Studies at the University of the Witwatersrand. His research interests encompass inequality, gender, competition policy, industrial development, and employment in developing countries.
• Prof Ingrid Woolard: Dean of the Faculty of Economic and Management Sciences and Professor of Economics at Stellenbosch University. Her research focuses on poverty and inequality measurement, unemployment, social protection, and fiscal policy.
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