South Africa doesn’t have an economic problem, it has a political problem, and that instability is threatening economic growth.
That’s the view of Business Unity South Africa CEO, Cas Coovadia.
His organization says Parliament must act decisively to process the Phala Phala report to prevent both the public and investors from losing confidence in the government.
“There is a concern that if we don’t deal with this decisively and quickly there will be ongoing instability,” he said.
“And let’s not forget that this is happening in the run-up to the ANC elective conference later this month which was already going to be pretty contested and now this muddies the waters in that conference.
“That could create more uncertainty so you know, it’s a big ask for politicians to actually look beyond their own interests and party political interest but I think this is the time when if politicians and across all parties do not act in a statemen-like manner and do not put the country first, I think history will judge them.”
Coovadia said considering the Phala Phala report has been in the works for months, the government and ANC have no excuse for their lack of response.
He said their apparent surprise just adds to the economic instability.
“This Phala Phala thing has been going on for quite some time. One of the scenarios would have had to be a report that is negative,” he said.
“In this case, it is to the president and they should have planned how they actually respond to this. The president is still consulting I am told, that’s why he wasn’t at the NEC meeting either.”
Source: eNCA
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