South Africa’s government has failed to reverse the damage caused by Apartheid-era discriminatory practices, and after the mismanagement of the COVID-19 pandemic, the South African economy is at the brink of collapse. The livelihood of millions of South Africans is at stake, and there is no more time for talk, urgent action is needed.
We must act, urgently, as one to address the following factors at the heart of South Africa’s economic hardship:
- Political mismanagement and interference: policy uncertainty as a result of adherence to outdated ideological dogma, draconian labour laws, the political power of labour unions, unwise fiscal policy, a failure to maintain the rule of law and bureaucratic overreach are trademarks of this government and have compromised economic growth.
- Lack of competitiveness: the unaddressed skills deficit in our labour market, the high cost of doing business, international competitiveness and weak integration into global value chains means that the South African economy is underperforming.
- Economic infrastructure: decades of mismanagement of economic infrastructure, ineffective strategies to address spatial inequalities, failing SOEs, unreliable electricity supply and poor ICT adoption and access constricts our economic performance.