SA needs to be realistic about the pitfalls of Ramaphosa's new dawn
The country’s leadership seems determined to stir the economy from its decade-long, low-growth slumber
SA is in dire need of growth and a restoration of business confidence. After President Cyril Ramaphosa’s recent positive state of the nation address we may be forgiven for hoping — or believing — that we are on the threshold of a new dawn: a period of active real investment, asset formation and higher economic growth rates. But we need to be realistic about the pitfalls too. The president outlined a number of initiatives aimed at restoring business confidence and kickstarting the economy. However cynical and weary we may be of repeated statements of plans to mend what is broken, it does seem that the country’s leadership is determined to attract investment into the economy and wake it from its decade-long, low-growth slumber. Since the great financial crisis not only have foreigners held back on long-term real investment in the SA economy, but local businesses have either been dissuaded from investing locally or persuaded to seek opportunities offshore — too often with disastrous co...
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