The latest PwC Global CEO Survey, in which CEOs from SA participated, paints a grim picture: as many as 40% of them plan further job cuts. This figure, which PwC says is unprecedented since it included SA in the survey in 2010, compares with just 21% globally. Even more worrying is that at least 51% of local CEOs shed jobs in the past 12 months compared to 37% globally.
The impact of Covid-19 aside, what is clear is that the government is running out of time to revive Africa’s most advanced economy. On numerous occasions, business leaders have complained about regulatory uncertainty and policy inconsistency. What baffles CEOs is why the government, which seemingly has improved its listening skills when engaging with organised business, always falls short when it comes to implementation.
If the current economic crisis, compounded by persistent load-shedding, does not prove a wake-up call then nothing will ndependent power producers have repeatedly said they can supplement Eskom power generation; the government has been slow to respond. Only now is there some movement to invite bidders from IPPs. With a predicted a shortfall in the supply of electricity of about 4,000MW over the next five years, one would have thought it was a no-brainer to accelerate the process.
Most companies in SA are either in a holding position or considering further cost-cutting through retrenchments and closing non-core operations. Household incomes remain under pressure, with many families choking on piling debt. Retail spending has not yet recovered from last year’s hard lockdowns, while tourism is only now starting to benefit from eased restrictions on movement of people.
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