What Ramaphosa needs to fix in South Africa right now: top advisors

What Ramaphosa needs to fix in South Africa right now: top advisors

Business, Technology

2022-01-27 02:34:00 PM

What Ramaphosa needs to fix in South Africa right now: top advisors

South African President Cyril Ramaphosa was told to cut bureaucracy and focus on fixing the country’s energy crisis if he wants to revive Africa’s most industrialised economy.

South Africa’s economy, which was already in recession when the Covid-19 pandemic hit, remains stuck in its longest downward cycle since World War II. Its unemployment rate is the highest on a global list of 82 countries and the Eurozone monitored by Bloomberg. Power outages occur on a regular basis and discourage investment.

“Growing the economy is the only viable strategy for getting South Africa out of its current negative situation,” according to the note. “2022 must be seen as a watershed year for our country’s electricity problems. 2022 must be an inflection point.”Ramaphosa has staked his presidency on enacting economic reforms 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.

Read more: BusinessTech »

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