By The slow paced growth of South Africa’s economy has come under scrutiny three decades later into democracy. The natives may enjoy freedom of movement and that of their rights, but the majority still lack economic freedom. Deputy President H.E. Paul Mashatile has since called for strong leadership to turn the tide around.
Business leaders and government leaders came together at the African United Business Confederation on Tuesday, 30 April 2024, in Sandton, Johannesburg; where Paul Mashatile told the audience that, in order to grow the economy effective leadership is needed from all the industries and government.
Though there has been some progress in the domestic economy and the country, current conditions leave very little to write home about. With rising food and fuel prices, the high rate of unemployment, the weak performing Rand and high inflation, undermines the gains over the past three decades of democracy.
Mashatile told the business leaders that, since the advent of democracy, the ANC government managed to create political stability in the country which is essential in attracting investors. Furthermore, policies were introduced that enabled economic growth by allowing the previously marginalised groups to participate in the mainstream economy and further attract more investors and created a lot of jobs.
“Your responsibility as a leader in the private sector is to foster entrepreneurship and innovation, both of which are vital to economic expansion and job creation. Furthermore, the private sector is key to enhancing the competitiveness of the South African economy. Together, as leaders, we possess the foresight to identify opportunities, mitigate risks, and make strategic decisions that drive sustainable economic development,” said Paul Mashatile.
In order to achieve democracy, Paul Mashatile said strong leaders such as Nelson Mandela, Walter Sisulu, Oliver Tambo, Chris Hani, Helen Joseph, Albertina Sisulu, Winnie Mandela, Ahmed Kathrada and many others led the revolution with a clear vision on what they want to achieve.
He said to achieve economic growth in the country, business and government leaders will have to work together and address challenges that affect the economy like the high unemployment rate, inequality and poverty.
“Indeed, this fight against corruption should be multifaceted, involving both the public and private sectors. We have to strengthen anti-corruption partnerships, intensify efforts, and promote a zero-tolerance approach to corruption led by capable leaders, who are resilient, highly adaptable and are willing to implement bold reforms to surmount our challenges and transform the economy.
Cognisant of the legacy of exclusion from participating in the economy because of race, and gender specifically, it is critical that leaders across sectors become intentional in their inclusion of women, youth and other marginalised groups in economic reform efforts,” said the Deputy President.
Mashatile said the ANC Government will continue with the expansion of industries for an inclusive economy, revitalising the economy, and investing in people and micro businesses, particularly those owned by previously marginalised groups.
“We aim to make South Africa a nation that fosters investment by creating an environment that is conducive for investment to everyone,” he said.
“In this regard, under the leadership of President Cyril Ramaphosa, we have introduced the Red Tape Reduction Team to improve the ease of doing business in the country and further stimulate business development.
The team focuses on reducing red tape in priority areas such as mining rights, tourism operator licenses, travel visas, work permits, and the informal sector, aiming to create a competitive and vibrant economy. The intention is to speed up the discipline of execution and ensure faster results,” he continued.
