BOLD ACTION NEEDED
ANALYSIS: Gigaba’s plan too timid to reignite growth
Gigaba’s plan to fix the economy amounts to damage control and is far too timid to reignite growth. Unless he can win the trust of business, SA will continue to slide downhill
On the same day that government released a new version of the mining charter, which is likely to retard investment and growth, finance minister Malusi Gigaba briefed journalists on how he plans to rescue the economy from recession. He promised action in areas in which progress has been lacking, including faster reform of state-owned enterprises (SOEs), the rollout of high-speed Internet, finalisation of mining policy, and signing of independent power producer contracts. He has already delivered by appointing an experienced treasury official as his director-general, and gazetting the Financial Intelligence Centre Amendment Act, as well as moving fast to try to stabilise SAA. These actions have been encouraging, says the CEO Initiative, but "there is still much more to be done". At the top of the lists of the CEO Initiative and Business Leadership SA is that a judicial commission of inquiry be appointed to investigate state capture. This is beyond Gigaba’s purview, but unless corrupti...