'Government must get out of the way' - Standard Bank chair says African govts fail on basics | Business

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Standard Bank chairperson, Nonkululeko Nyembezi, slammed African governments for not doing the basics at this year's World Economic Forum. | News24_Business

Nyembezi said the time for unhelpful ideologies and the"20th-century concept" that government cannot trust the private sector has long passed. She said that government and corporate executives meet yearly at conferences like the WEF, talk about reigniting African economies, and then go back home and do nothing about it.

"We are not making a huge amount of progress. And it is in my mind because there was this divergence between the public sector that went into the room to negotiate things and then said, here it is, off you go, folks. Now there's a scramble to try to see how we make this thing work," said Nyembezi. "There's a private sector – a portion [of it] – that loves getting concessions, etc. They all come [with promises of] more employment, etc. I think we all have many cautionary tales like that," he said.

"It is true that on the surface, we haven't seen that much trade. But there has been a lot of work that has been done, in a sense preparing the ground," he added.

 

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_Business I suggest that to few Industrial leaders and Captains of Industry are calling out ANC Government for its disastrous, failed Socialist Policies, condemning millions to Poverty mediocrity, in pursuit of its National Democratic Revolution. Are these leaders complicit - or afraid?

_Business She needs to first slam her own govt here in SA who is not only filled with corruption but follows their CCP masters in Beijing. The state are looking to control and manage everything. But then that is also the plan of WEF. Big business/govt same whatsapp group.

_Business Liberals 😒

_Business What would these basics look like? Africa is grappling with understanding who it is and who it wants to be 😢

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