Cyril Ramaphosa mentioned plenty of figures in his state of the nation address, but not the ones that really matter
15 February 2024 - 04:00
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
In his gung-ho state of the nation address, President Cyril Ramaphosa claimed that the economy had tripled in size since 1994. What he didn’t say was that in March 1994 the rand/dollar exchange rate was R3.45/$, and since March 2023 the rate has been hovering between R19/$ and R19.50/$.
Did the economy improve in (depreciated) rand value terms or in more stable dollar values?
If Eskom, Transnet, the ports, the Post Office, SAA and the like had been in an efficient state, the official exchange rate could have been much lower; there would be less unemployment and considerably fewer people would have to be doled out of sheer misery by a basic income grant. In short, the percentage of the poor population would be far smaller, and the economy far better in real terms.
There is a saying that figures don’t lie, but liars do figure.
VA Volker Pietermaritzburg
The FM welcomes concise letters from readers. They can be sent tofmmail@fm.co.za
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
LETTER: Cyril Ramaphosa plays the numbers game
Cyril Ramaphosa mentioned plenty of figures in his state of the nation address, but not the ones that really matter
In his gung-ho state of the nation address, President Cyril Ramaphosa claimed that the economy had tripled in size since 1994. What he didn’t say was that in March 1994 the rand/dollar exchange rate was R3.45/$, and since March 2023 the rate has been hovering between R19/$ and R19.50/$.
Did the economy improve in (depreciated) rand value terms or in more stable dollar values?
If Eskom, Transnet, the ports, the Post Office, SAA and the like had been in an efficient state, the official exchange rate could have been much lower; there would be less unemployment and considerably fewer people would have to be doled out of sheer misery by a basic income grant. In short, the percentage of the poor population would be far smaller, and the economy far better in real terms.
There is a saying that figures don’t lie, but liars do figure.
VA Volker
Pietermaritzburg
The FM welcomes concise letters from readers. They can be sent to fmmail@fm.co.za
JUSTICE MALALA: Gwede wakes up late while Cyril snores away
JUSTICE MALALA: State of the nation and budget speeches are lame ducks
JUSTICE MALALA: Of polls and policy
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.