Bloomberg News writes that President Cyril Ramaphosa has lost the confidence of the key business constituency.
Five years after ushering in a wave of business optimism that he would revive an economy hobbled by industrial-scale corruption under his predecessor, executives are running out of patience with the 70-year-old leader. Economic stagnation spawned by record daily power outages, rampant crime, disintegrating infrastructure and foreign policy missteps are leading investors to the exits, with the rand fast-approaching a record low. Business leaders raised their concerns in discussions with Deputy President Paul Mashatile in a meeting on Friday night. "They urged the government to work with a greater sense of urgency in attending to the energy crisis, crime and corruption, and processing of applications relating to statutory obligations hindering their ability to conduct business effectively," the Presidency reported. Meantime, opposition parties have levelled manifold accusations against Ramaphosa. He is said to be overseeing a bloated executive that includes several ministers who have proven inept or corrupt, but are retained because of their political sway; he consults endlessly on policies, many of which are misguided or never implemented, and fails to act decisively; and he has placed SA’s trade relations with the US and European Union at risk by forging closer ties with Russia and refusing to condemn its invasion of Ukraine. Matt Gertken of BCA Research commented that Ramaphosa was not considered a positive leader by financial markets going forward. He is old and suffering from scandals, he failed to implement significant structural economic reforms, he failed to mend divisions in the ruling party and now his credibility will suffer due to his foreign policy. In a succession of speeches and newsletters, the president has acknowledged the enormity of the challenges confronting the country, while highlighting his administration's attempts to tackle corruption and draw foreign investment.
- Read the full original of the report in the above regard by Colleen Goko, S'thembile Cele & Adelaide Changole at Fin24
Get other news reports at the SA Labour News home page