Did Financial Services In South Africa Save Us During The Recession?

26-Jan-2012 | News-Press Release

Banks and financial services in South Africa play an important role in the upkeep of our economy. The financial system of a nation will determine how successful the country is. During the recession that rocked the world, South Africa did fairly well in the sense that we were not hit as hard as Europe and America. This meant the amount of people who lost jobs was kept at a minimum and the country did not lose as much money as predicted. This was evident in the middle of the recession South Africa was spending billions on the soccer world cup. How was that possible?


Firstly, we had one of the best financial ministers in the world, Trevor Manuel. From the moment Trevor Manuel was elected Minister of Finance in South Africa we saw continuous growth of our economy. We are even part of the BRICS Nations, which consist of Brazil, Russia, India, China and ourselves. Experts believe that the only thing that holds us back is we have a smaller population than those other BRICS countries. 


Secondly, I believe the way Trevor Manual went about running the Ministry of Finance was outstanding. He employed the best staff and consultants to help him transform the Ministry of Finance into what it is today. It has become South Africa’s best functioning ministry. The National Credit Act sparked the development loan administration software and other technology used in financial services. This is the technology that determines how a person acquires loans from banks and prevents over-indebtedness of consumers.


Now that the worst of the recession is over we need to implement ideas that will prevent a future crisis. I believe we need quality leadership, we need to improve on the technology we have, improving  financial service software development is one of the ways of doing this. This will allow us to stay ahead of the game using technology to keep our financial system in the black. Consumers need to save more and spend less. The recession was largely caused by bad debt, so less debt will prevent future problems. If we work together the country has nothing to worry about.

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