President Cyril Ramaphosa was told to cut bureaucracy and focus on fixing the country’s energy crisis if he wanted to revive the economy.
SA’s economy, which was already in recession when the Covid-19 pandemic hit, remains stuck in its longest downward cycle since World War 2. Its unemployment rate is the highest on a global list of 82 countries and the eurozone, monitored by Bloomberg. Power outages occur regularly and discourage investment.
Ramaphosa has staked his presidency on enacting economic reform to reboot a stagnant economy. Limited progress since he took the post in early 2018 has led to a chorus of criticism from opposition parties, business and labour unions.Tyrone Seale, a spokesperson for the president, declined to comment on the document.
If the government is to encourage growth in the number of black commercial farmers it will need to ensure the turnaround of the troubled Land and Agricultural Development Bank of SA is successful, it said. That bank will need to become state funded and will have to provide finance at attractive rates, the council added.
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