The Minerals Council South Africa has called for urgent government intervention to save South Africa’s floundering economy.
In a statement released by the council on Monday, CEO Roger Baxter said the government would need to act swiftly if they were to reverse the country’s misfortunes following the previous cabinet’s mismanagement and failures.
“Investor and business confidence is declining to levels not seen for many decades. While the situation the country faces today is a consequence of the decade of mismanagement and corruption of a previous government, today’s political leadership needs to act with great urgency to turn the economy and our society around,” Baxter said ahead of the annual Business Economic Indaba.
The Business Economic Indaba, which kicked-off in Johannesburg on Tuesday, is an annual event hosted by the Business Unity SA (Busa) and President Cyril Ramaphosa, where business professionals and industry leaders meet to discuss the current landscape of the country’s economy.
The council highlighted the ongoing crisis at power utility Eskom as a major contributor to the fiscal problems currently experienced in South Africa.
The council concluded by saying that the government should focus on restructuring and reforming Eskom, while developing a conservative fiscal plan which prevents the country from falling into further debt and kick-starts economic growth. - Bjorn Vorster
