A Reckless shot at the Central Bank of South Africa by the Public Protector Spells Economic Disaster for the Country Amidst a Recession and Ratings Down Grades: More Kicks for the Economy and South Africa in Turmoil

Authors

  • Anis Mahomed Karodia Regent Business School, Durb
  • Paresh Soni Management College of Southern Africa
  • Alexandru Mircea Nedelea Stefan cel Mare University of Suceava

Keywords:

Central Bank, Economy, Public Protector, Ratings Downgrades, Policies

Abstract

This paper delves into the perplexing issue as captured in the title of the paper. The announcement by the Public Protector will further dampen the economy of South Africa. It will lead to further economic downgrades by the ratings agencies in an era of recession, very high employment, and rising inflation. The issue straddles the reckless shot at the Central Bank by the Public Protector, pushing for change in the Bank’s role, which saw the rand fall by two percent and has deteriorated even further to trade at R13.50 to the US dollar. She has called for a revision of the Reserve Bank’s constitutional mandate. The Public Protector charged that protecting the value of the rand, to a focus on the protection of ‘citizens’ socio – economic wellbeing is cardinal to South Africa’s development. The question arises – Is she doing this at the bidding of the ruling ANC and, supporting the misguided notion of radical economic transformation of the economy, propounded by the President of the country and the African National Congress, given the failure of the ruling ANC government to bring about coordinated development after 23 years of South African democracy. The paper will therefore look at this issue and, elaborate on the possible devastating effects upon an already compromised economy and the, effects upon the general population.  In adding to the narrative, the policy documents of the ANC were critiqued very briefly, in order to show the paranoia that exists within the ruling ANC government, which is aimed at hanging on to power at all costs and, not serving the people of the Republic of South Africa.

Author Biography

Alexandru Mircea Nedelea, Stefan cel Mare University of Suceava

Alexandru NEDELEA, Ph.D., is an Associate Professor of Marketing at the University Stefan cel Mare of Suceava, Romania. He has written extensively for a wide range of academic and professional audience: Small and Medium Enterprises in Contemporary Society (KMV, Germany), International Tourism: World Geography and Developmental Perspectives (Abhijeet Publications, New Delhi, India), Tourism Marketing (Derc Publishing House, Tewksbury, USA), Knowledge Management Practices, Comparative Tourism Marketing Case Studies (Abhijeet Publications, New Delhi, India). He is editor-in-chief of the journals Ecoforum and Revista de turism 9Journal of Tourism: Studies and Research in Tourism) and member of the editorial board of the journals Amfiteatru Economic (indexed in Thomson Reuters - ISI Web of Knowledge), International Journal of Leisure and Tourism Marketing, Journal of Tourism: An International Research Journal, Tourism Today, World Journal of Ecotourism, Tourism Issues, European Journal of Tourism Research, Environmental Economics. He has been accorded membership in scientific associations like International Association of Scientific Experts in Tourism, International Association on Public and Non Profit Marketing, Romanian Marketing Association, International Network for Research in Consumer Behaviour Studies, Regional Science Association International, World Research Club (WRC), American Society for Public Administration, European Association of Research on Services (RESER), Marketing and Tourism Research Interest Committees - EuroMed Research Business Institute (EMRBI), Centre International de Recherche et d`Etudes Touristiques (CIRET). He is coordinator of Asian Studies Club Romania-China (www.romania-china.ro), Voyage Club (www.clubvoiaj.ro), Bucovina Tourism Marketing Center (www.tourisminbucovina.ro), Volunteer Order (www.ordinulvoluntarilor.ro) and Marketing Club (www.marketingclub.ro)Contact:E-mail: alnedelea(at)yahoo.com Stefan cel Mare University of Suceava, Romania Faculty of Economic Sciences and Public Administration Economy, Business Administration and Tourism Department 720229, Suceava, 13, Universitatii Street Phone: + 40 230 522978 int.297

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Published

29.08.2017

Issue

Section

Accounting, Finance, Statistics and Economic informatics