Mboweni appointment - Will it Affect the Property Industry?

Yael Geffen, CEO of Lew Geffen Sotheby's International Realty, says business owners have been concerned about the current “Ramapausia” feeling of limbo which has had an extremely negative effect on both the economy and investor sentiment.

"The right decision at this critical time when we are lagging so far behind other emerging economies in terms of growth, had to be made and I feel very positive the appointment of Tito Mboweni was a good one.

"Our President chose a Minister with the right credentials and experience; someone who will fairly quickly gain the trust of the international community because of the sound steering of the Reserve Bank when he was Governor, and his track record of fair policy decisions in government.

"The property industry needs the investment confidence boost, especially while government is toying with the idea of land redistribution without compensation. A strong Treasury leader with such a sound track record in policy and labour relations is essential at this juncture to ease jitters.

"It now remains to be seen whether Mboweni will harness the dual resources of Cabinet expertise and the entrepreneurial business minds our country has to offer to effect a turn-around strategy, but I'm confident he'll see the wisdom of forging stronger ties between the two sectors. Bold, intelligent decisions need to be made to get us back on track," says Geffen.