South Africa: #SONA2020 - Cosatu Hails Establishment of State Bank

press release

Cosatu is happy to hear that the government remains committed to implementing the resolution of the establishment of a State Bank. The government cannot outsource its developmental agenda to the private sector and a state bank will form the foundation of a developmental state.

The Congress of South African Trade Unions notes the State of the Nation Address delivered by the President Cyril Ramaphosa. The Speech succeeded in identifying the bottlenecks that have led to economic stagnation and has managed to focus on some of the solutions that have been proposed by the ANC Manifesto. We expect more details from the relevant departments during their budget votes and National Treasury to speak to what the SONA has committed to.

Cosatu appreciates the fact that 2020 SONA has acknowledged the fact that the public debt has exploded and is starting to haunt the South African population. The purchasing power of the working class has been shrinking because the working-class incomes are falling, and jobs continue to be lost. The current slowdown in the South African economy is indeed partly to corruption but also to a large extent, as a result of mismanagement of the economy by the policymakers and decision-makers who...

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