RAMAPHOSA’S ECONOMIC PLAN
Manufacturing needs a proper bite of Cyril Ramaphosa's stimulus pie
Trade & industry minister Rob Davies was not beside the president when he announced his stimulus package at the Union Buildings
There was broadly positive reaction to President Cyril Ramaphosa’s new plan to kick-start the economy, with a realisation that with the ratings agencies breathing down our necks there is no possibility of a reckless spending spree. The headline initiative is a R50bn fund to refocus government spending, taking cash from underperforming programmes and redeploying it to more effective areas. Then there is the R400bn infrastructure programme — which will blend several forms of funding — public, private, pension funds. All good. All necessary. All welcome. However, I would argue that there should have been a clear, unambiguous, committed and ambitious focus on the manufacturing sector as well. The president was flanked by six or so ministers when he announced his stimulus package at the Union Buildings. Trade & industry minister Rob Davies was not among them.
This is worrying. The president has made it clear in his search for new investment of $100bn that SA needs a large injection...