Prominent business leaders have become frustrated with the glacial pace of South Africa’s reform over the past 18 months under President Cyril Ramaphosa, lamenting ongoing bailouts for state-owned enterprises such as debt-laden Eskom, deteriorating public finances, and mounting policy uncertainty.
Elias Masilela, who focuses on economic policy and analysis for the National Planning Commission , says while business leaders publicly criticise the pace of Ramaphosa’s reform agenda, they are not sufficiently helping to inform government on policies that can revive economic growth, tackle the unemployment crisis and shore up investment.
, Masilela believes this social compact should be revived to fix South Africa’s socio-economic problems. And the blame for poor policy implementation, unemployment, inequality, and an ailing economy over the past nine years should be shouldered not only by the government but also business, labour and civil society.
Credit rating agencies expect South Africa’s debt burden to increase further – to 68% of GDP by 2021/2022, not the 60% the government is budgeting for. They expect the 2021/2022 debt percentage to continue rising over the next few years, while the government expects it to decline from 2025/2026.
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