President Cyril Ramaphosa and his new cabinet have a small window to convert election promises into swift action that is focused on meaningful inclusive growth.
According to the IMF, SA’s biggest obstacle to sustained economic growth is a structural problem stemming from a devastating lack of investment in human capital. This is an area where business, especially those driving profits with purpose, can potentially make the greatest contribution to turning the economy around.
But the government must meet business halfway. Greater tax incentives for businesses that hire and train young school-leavers, and ensuring that every employee in the private sector has the opportunity to be upskilled , would be excellent starting points. Business can partner with the government to share much-needed management and leadership skills and expertise, particularly with the education sector.
As business, we may have limited influence over the factors driving SA’s low growth rate over the next two to three years, but we do have direct influence over how we respond to these challenges. How we choose to create value on our balance sheets, within our organisations, and within our country, is entirely up to us.
CEO – IQbusiness