Five years after Ramaphosa ushered in a wave of business optimism that he’d revive the economy crippled by industrial-scale corruption under his predecessor, executives are running out of patience with the president, who is seeking re-election next year.
Economic stagnation stoked by record daily power cuts, rampant crime, disintegrating infrastructure and foreign policy missteps is leading investors to the exits. Yields on the benchmark 10-year generic government bond have risen 129 basis points this year to 12.1%, foreign buyers have been net sellers of the nation’s stocks and the rand has plunged 11%.
Executives including Daniel Mminele, Nedbank Group's chairman, and MTN Group's Chief Executive Officer Ralph Mupita have called for urgency in resolving domestic hindrances to economic growth and warned the country is at risk of becoming a so-called failed state. Others such as FirstRand Chief Executive Officer Alan Pullinger have criticised the country’s relationship with Russia. The government’s indifference to the war in Ukraine and its friendship with Russia is"foolhardy in the extreme," he said.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy.
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