When Cyril Ramaphosa took over the presidency of the country just over a year ago, few wanted to think that South Africa's 'new dawn' would turn out to be yet another fake resurrection; but unfortunately, this increasingly appears to be the case.
The budget painted a bleak picture: Rising expenditure ; declining tax revenues ; increasing debt ; low growth projections ; and failing state-owned enterprises. As Simi Siwisa, an executive director at research and advisory ?rm, Stratvest, put it during a recent post-budget commentary at the UCT Graduate School of Business:"Who will invest in South Africa without security of energy supply? Eskom cannot guarantee that [energy supply]. The budget was meant to be the medicine to resuscitate the economy, but that did not happen. It did not lay the foundation for growth.
Thus, for the country to progress, it will be imperative to reconsider the role of state-owned entities in the country's developmental agenda. Indications are that there will be little option but to move away from a developmental state ideology; and instead restructure, privatise, and list parastatals to ensure that the country is fiscally sustainable.This pressure is, however, likely to fuel major political battles in the run-up to the May 8 elections.
And just which political party broke the countries state-owned companies? The ANC ... 25 years of corruption, bad management, incompetence & self enrichment
Smoke and mirrors or in the ANC’s case shit and no toilet paper !
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What the ANC touched seems to have a smell afterwards
There was never a new dawn to begin with.