TIME FOR STATE TO STEP UP
How relations between business and Gigaba soured
Business is trying to provide economic leadership but without a credible government to partner it, its efforts may be drowned by SA’s growing economic and fiscal crisis
SA’s business leadership is trying hard to do the right thing. It has re-engaged with government; formally pledged to create jobs, and support transformation, entrepreneurship and skills development; and it is rallying a national consensus that will make it part of the solution to SA’s mounting crisis. The decision to attempt rapprochement with government comes after much soul-searching by the CEO Initiative, a body of 80 CEOs formed to salvage SA’s reputation after President Jacob Zuma’s axing of former finance minister Nhlanhla Nene almost two years ago. The initiative worked hard with his successor, Pravin Gordhan, to stave off SA’s sovereign downgrade to junk status, but its efforts were scuppered when Zuma fired Gordhan in March this year.The body beat a retreat, further bruised by the Zuma faction’s attacks on "white monopoly capital" and a resurgence in populist rhetoric. But with the country facing a growing crisis on several fronts — a fiscal shock due to failing state-owne...
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