Business Leadership South Africa (BLSA) chief executive Busi Mavuso has flagged concerns with the ANC’s plans to address unemployment in South Africa.
which calls for a ‘compact to decisively address unemployment and poverty’.
“When we think about how we should be incentivising business to achieve certain public policy objectives, we must be realistic. We cannot treat business as if it’s some single entity we can negotiate with and appeal to their social consciences.” “We should instead be asking the real question: why is it that businesses are not investing, growing and employing more people?”Mavuso said the stark reality is that South African business is not nearly as profitable as it needs to be to grow.
“In 2019, after-tax profit margins across the economy were at 2%, reflecting a steady decline from 2008 when they were at 6%. 2020 will stand out in the record books – profit margins were only 0.3%”.
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