Daniel Mminele: An update on "Africa rising"

Address by Mr Daniel Mminele, Deputy Governor of the South African Reserve Bank, at the Institute of International Finance, Africa Financial Summit, Johannesburg, 30 September 2016.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
04 October 2016

1.  Introduction

Good morning, ladies and gentlemen

It is a pleasure for me to address you today, some five years since the inaugural Africa Financial Summit that was held in Cape Town in 2012. At that time, George Abed noted the great progress that African countries had realised in stabilising their economies - a particularly remarkable achievement during a period of unprecedented global financial turbulence. However, he also cautioned that the prospects for continued growth in sub-Saharan Africa (SSA) were contingent on greater economic diversification and on reducing dependence on commodity exports - an issue to which I will return later in my address.