Business confidence at levels last seen when PW Botha gave his Rubicon speech

Restoring confidence is the cheapest form of stimulus, says SA Reserve Bank governor Lesetja KganyagoIn a sign of the challenges facing President Cyril Ramaphosa as he seeks to boost the economy and attract investment, business is more gloomy than it has been since the turbulent 1980s when PW Botha’s infamous Rubicon speech entrenched SA’s pariah status.

Just four months after an election that was meant to reinforce his reformist credentials, Ramaphosa has faced increasingly loud calls from business leaders to enact changes needed to improve the investment climate. Two business confidence indicators on Wednesday painted a grim picture, suggesting the post-election optimism is all but gone.

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