South Africa has created a Presidential Economic Advisory Council, an academic-heavy brain trust that the country hopes would help spur inclusive growth, President Cyril Ramaphosa said on Friday.
According to the president, who will chair the council, the trust is a non-statutory and independent body whose 18 members are from within South Africa and abroad and will serve three-year terms.
The council’s members would not be paid a salary but would be given subsistence and travel allowances, the president said.
Ramaphosa first announced the idea for the council 18 months ago during his maiden State of the Nation Address in parliament.
At the time he said that the new body would work to “greater coherence and consistency in the implementation of economic policy.”
Ramaphosa said the council would serve as a forum for “in-depth and structured discussions on emerging global and domestic developments.”
The body will meet quarterly at first, before deciding on a timetable for meetings.
“The council will also be instrumental in building a knowledge base of policy and implementation lessons, best practices and field-tested success stories,” the president said.
NM/jn/APA