South Africa: Mr Ramaphosa to Borrow to Give Is to Gamble With the Future of Our Nation


Dear Mr President, please don't finance grants from debts, thinking South Africa can consume itself out of the Covid-19 hole.

The pandemic has wreaked your plans for a high-growth economy during your first term in office, Mr President. I get how frustrating that must be. After all your hard work on the Investment summits, the Jobs summits and the various other stakeholder engagements you initiated during the first months of your Presidency, all has come to naught.

But Mr President, even as the populists gather at your door, please remember that the wealth of a nation ought not to be measured by the quantum of its consumption, but by the quantum of its productivity.

In the next few months, as the socio-economic effects of the Covid-19 pandemic bite, there will be tremendous pressure on you Mr President, to open the taps of the public purse like a firehose to douse the flames of our economic hardship. The populists in your party and the ignoramus pseudo-progressives will shout "borrow to give, borrow to give", and try to convince your Cabinet members that South Africa can consume itself out of the Covid-19 hole.

This will be a dangerous moment for South...

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