South Africa Treasury ex-officials soothe investors in new roles

Brian Molefe, the newly appointed acting chief executive officer of power utility Eskom Holdings SOC Ltd., is a former senior Treasury official. Source: Transnet SOC Ltd./Eskom Holdings SOC Ltd. via Bloomberg

South Africa is increasingly turning to National Treasury officials from the country’s first decade of democratic rule to help steer key economic institutions and boost investor confidence.

Brian Molefe, the newly appointed acting chief executive officer of power utility Eskom Holdings SOC Ltd., Lesetja Kganyago, governor of the central bank and one of his deputies, Kuben Naidoo, are all former senior Treasury officials. They served under Trevor Manuel, who for 13 years as finance minister oversaw the economy’s longest period of growth.

“Investors trust the National Treasury because they speak same language,” Peter Attard Montalto, a London-based economist at Nomura International Plc, said in an e-mailed response to questions on April 22. “When we see ex-Treasury people in other roles we trust them because we’ve interacted with them a lot at the National Treasury and so know their personality and how they react to things.”

Read more: South Africa Treasury Ex-Officials Soothe Investors in New Roles – Bloomberg Business.

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