Reacting to President Cyril Ramaphosa's SONA, Cosatu warned the government not to outsource its developmental obligations to the private sector.
Cape Town - Reacting to President Cyril Ramaphosa's State of the Nation Address , the Congress of South African Trade Unions on Friday warned the government not to outsource its developmental obligations to the private sector.
Cosatu said Ramaphosa was right to acknowledge the detrimental effect spiraling public debt had on all sectors of the population, but that the state of the economy could not be blamed solely on corruption. "The current slowdown in the South African economy is indeed partly to corruption but also to a large extent, as a result of mismanagement of the economy by the policymakers and decision-makers who have only focused on the failed neo-liberal policies," the labour federation aligned to the ruling African National Congress said.
It welcomed Ramaphosa's statement that his investment drive had yielded pledges of around R664 billion that will be poured into several sectors of the economy but said foreign direct investment was "not the solution to everything". "The over-reliance on the private sector investment has left the economy vulnerable to the irrationalities of investor confidence," the trade union federation said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SONA will be a failure if jobs bloodbath is not addressed, says Cosatu | IOL NewsSONA2020: Cosatu says President Cyril Ramaphosa's State of the Nation Address will be a failure if he does not address the jobs bloodbath currently plaguing the country. SONA
Read more »
SONA will be a failure if jobs bloodbath is not addressed, says Cosatu | IOL NewsSONA2020: Cosatu says President Cyril Ramaphosa's State of the Nation Address will be a failure if he does not address the jobs bloodbath currently plaguing the country. SONA
Read more »
Damelin owner to axe half its workforceThis will swell the ranks of SA’s unemployed, with about 9,000 retrenchments already proposed in 2020 from a range of large companies 🔒
Read more »
Following Nelson Mandela's example can help save SA | IOL NewsThe release of Honourable Mr Nelson Mandela on 11 February 1990 was a momentous occasion in our history, the lessons invaluable.
Read more »
LIVE FEED: Chinese ambassador to SA gives coronavirus update | IOL NewsHis Excellency Lin Songtian is hosting a briefing to update South Africans on the progress being made in China to fight the novel coronavirus.
Read more »