nairiporter | No worries

S.Africa's Manuel says no concerns over policy

http://africa.reuters.com/business/news/usnBAN036103.html

South Africa's Finance Minister Trevor Manuel said he did not have any concerns about the direction fiscal policy might take after Jacob Zuma took over the leadership of the ruling ANC, SAPA news agency reported on Thursday.

Zuma beat President Thabo Mbeki in a December contest for the top African National Congress post, but investors are worried about future policy changes, given his strong links with the left and trade unions.

SAPA quoted Manuel as saying in Cape Town, when asked if he had any concerns about fiscal policy direction under Zuma: "No. No, I don't have any."

The news agency said Manuel also shrugged off a report on Wednesday showing South Africa's business confidence was at its lowest level in more than four years, saying the media had "elevated" it given a dearth of news following the Christmas and New Year holidays.

The South African Chamber of Commerce and Industry said its Business Confidence Index fell to 94.8 points in December, data showed on Wednesday, its lowest level since November 2003, as companies fretted about economic growth in 2008.

"The confidence index now either reflects the views of business with mouthfuls of turkey and heads full of champagne, or they reflect an earlier period before Polokwane," Manuel said, referring to the ANC's conference to choose a new leadership in the northern town of Polokwane.

Earlier this week, the ANC said Zuma would remain its candidate for state president when Mbeki's second and last term ends in 2009, despite charges against him of corruption, fraud, money laundering and racketeering.