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...

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.