So said economists, who were commenting on these proposals after President Cyril Ramaphosa’s state of the nation address, delivered on Thursday.
During his speech, Ramaphosa also announced that government would continue with its plans for a state bank, meant to ensure that all South Africans have access to banking services. However, economists are sceptical about the feasibility of these plans, given the poor fiscal position South Africa finds itself in.
Christie Viljoen, chief economist at PwC, said South Africa was not comparable to countries such as Norway, which has rich oil deposits, or Botswana, with its diamonds.“In South Africa, mining is no longer as dominant. We cannot say that our gold mines, for example, would be able to finance such a fund,” he said.In respect of the proposed state bank, Viljoen said there were many innovative ways to extend services to people who were not yet part of the banking system – so-called unbanked people.
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