BRUCE WHITFIELD: Business talks to state through gritted teeth
The elephant in the room at the discussions this week was the integrity of the new finance minister and his deputy
BIG business emerged this week from its deep funk in the wake of the axing of Pravin Gordhan and Mcebisi Jonas in March, and renewed its high-level interactions with the government. It was probably about as much fun as going to the dentist. South Africa is just one notch above sub-investment grade following last week's Moody's downgrade, and is the most economically vulnerable it has been in 18 years. The Bureau for Economic Research confirmed on Wednesday that business confidence in South Africa was at its lowest levels since 2009. This downswing in the business cycle is 43 months old - the second-longest in South Africa after the 1989-1993 period. That's a terrible indictment of the country's toxic politics. Business finds itself in a Catch-22. If it fails to talk to the government because it's sulking over the president's failure to comprehend the consequences of his fateful reshuffle, it will be condemned for not fighting its corner. But by keeping the channels of communication ...
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