BLSA expresses caution ahead of WEF

Date: 17 January 2020 | Author: Thuthuka Maseko Category: Media Statements

The South African delegation heads to the World Economic Forum (WEF) in Davos next week after a successful Business Economic Indaba hosted by Business Unity South Africa (BUSA).

The tone of business at this engagement which was attended by both business and government leaders was telling in BUSA President Sipho Pityana’s opening address he emphasized the need to start doing more and talking less, the need for government to start shifting gears towards the right direction and more importantly towards accelerating the structural changes we need in this country.

The Honourable President Cyril Ramaphosa addressed the gathering later on that day and gave a rousing speech hitting all the right notes on South Africa’s economic challenges.

The speech however fell short in that, we need to stop only acknowledging the problems facing this country and start taking intentional and deliberate action towards structural reforms to save South Africa from this abyss of economic ruin.

“As we head to the WEF in Davos next week, Team SA will be facing difficult questions that will be posed by the international community in trying to position our country as an attractive investment destination. We need to move swiftly and start doing instead of talking so as to prevent this economic calamity currently gripping this country,” said BLSA CEO Busi Mavuso.

“We must move at a lightning speed to fend off the looming downgrade to junk status by Moody’s rating agency. Unless and until we address the issue of energy security, unfortunately the SA economy that is near collapse is not going to be salvaged,” added Mavuso.