Okonjo-Iweala was appointed by the South African President, Cyril Ramaphosa, who is the chairman of the council which comprises local and international economic experts.
Sharing the news on her Twitter page, Okonjo-Iweala wrote:
“With President Ramaphosa, members of cabinet, and members of the Presidential Economic Advisory Council in Pretoria discussing sources of growth for the South African economy and win-win economic interactions with the continent.”
The council was established to ensure greater coherence and consistency in the implementation of economic policy.
It is expected to ensure that government and South Africa is better equipped to respond to changing economic circumstances.
The council will advise the president and government more broadly, facilitating the development and implementation of economic policies that spur inclusive growth.