President Cyril Ramaphosa’s Davos promise that SA “offers a rejuvenated vision for a future of shared prosperity” requires determined delivery now if we’re to grow confidence and investment in our economy.
The criticism that the World Economic Forum is more of a “talking shop” than a “doing shop” is not new, but in SA’s case this is definitely true. Rather than trying to fight for relevance on a global stage where the balance of power is already so grossly skewed against us, we should look inwards to create inclusive and sustainable growth of our own.
If it genuinely wants to reduce poverty and inequality, the government should use existing resources in education and skills development, by taking concrete action to promote inclusive growth, unlock labour markets, create opportunities for skilled job creation and improve access to healthcare and education.
To position ourselves as a global player that can positively influence the global agenda, we need to take steps and implement policy that makes us a global player. The impacts of climate change took centre stage at Davos, yet our carbon mitigation commitments and implementation under the Paris Agreement fall significantly behind our G20 peers.
And if our goal was to highlight the strength of SA’s institutions and our maturing democracy, then the best way to achieve that is to strengthen our institutions and uphold the rule of law.
The Zondo commission into state capture revelations are a step in the right direction to restore confidence in the capability of state institutions. But investors will need to see real consequences for those responsible. It’s not due to a lack of funds but rather a lack of political will to direct tax money to where it is needed most — and there must be accountability where money has been misspent or stolen through corruption or incompetence.
These need to be actioned at home, not abstractly promised in a conference facility in Switzerland.
Adam Craker
CEO, IQbusiness