South Africa: Business Leaders Join Forces With Ramaphosa to Tackle Economic Crisis, Eskom, Crime and Corruption

analysis

Business leaders have been vocal in their worry about SA's ties to Russia and daily Eskom blackouts, warning that the country risks becoming a failed state. Now business and government are collaborating to tackle the problems with urgency.

Eskom's unrelenting blackouts, SA's stance on Russia that has agitated currency markets, and the government's glacial pace in implementing structural pro-growth and investment reforms have caused angst among business leaders.

The business leaders, including the CEOs of leading companies, met President Cyril Ramaphosa and members of his Cabinet on Tuesday to raise their concerns about SA's economic crisis. The meeting ended with the business leaders agreeing to collaborate with the government -- providing it with skills and financial resources -- to tackle problems undermining the economy and its potential for growth.

In recent weeks, business leaders have become more vocal in their criticism of how Ramaphosa has managed the economy over the past five years and fired warnings that SA risks becoming a failed state. Ramaphosa's presidency has failed to stem the tide of rolling blackouts and to move with speed in implementing pro-growth and investment reforms in sectors such as transport (getting trains and ports operated by Transnet to run efficiently), and water (issuing water-use licences).

State Capture corruption cases are taking a lot of time and effort to prosecute successfully, and theft and vandalism of critical infrastructure have become rampant in industries, including mining and telecommunications. Morale and...

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