There is a spate of data that underscores South Africa’s current woeful state of affairs. The latest is from the South African Chamber of Commerce and Industry, which this week said its Business Confidence Index averaged 86.5 in 2020, the lowest annual average since it was launched in 1985, just as the apartheid state was making its last iron-fisted stand.
It is instructive to compare South Africa’s business confidence trajectory with that of the Organisation for Economic Co-operation and Development , to see how the local scene is doing on the global stage. If domestic business confidence has been shattered, an economy can hardly expect to attract significant amounts of foreign investment.
Confidence mirrors mutual trust between business and labour, diminishing the prospect of protracted strikes. Confidence comes from the simple act of turning a light on and expecting the power company to do its bit – which is not asking for much unless, of course, the utility in question is Eskom. Restoring confidence will mean the return of reliable power supplies. It will mean reasonable expectations for return on investment.
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