Load shedding continues to make job creation more expensive, says Sarb’s Kganyago

South African Reserve Bank (Sarb) Governor Lesetja Kganyago on Tuesday said load shedding and higher transport costs continued to make it more expensive to create jobs.

This comes amid concerns over the country’s growing joblessness, with the official unemployment rate sitting at 33.9%.

While it is a slight drop from the first quarter statistics, the central bank said it is now at the centre of pressure to adopt a policy mandate to bring down unemployment.

But Kganyago said reviving the economy needs to be a concerted effort involving both monetary and fiscal policy.

He made the comments while delivering a public lecture at the Wits School of Governance in Parktown on Tuesday afternoon.

“Pushing harder on monetary policy is like pushing hard on the accelerator on a curvy, icy road over a mountain.”

Kganyago added that South Africa’s policymakers must find more practical solutions to deal with the country’s stubbornly high unemployment.

-EWN

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