BLSA CEO Busi Mavuso says that businesses and the post-Zuma administration didn’t fully grasp what they were in for when picking up the pieces from state capture.
Coming out of the state capture era, businesses in South Africa were more than willing to step up and partner with the government to help the country recover – but the task was far greater than many had imagined.
“By 2008, we were regularly recording economic growth of over 5%, we boasted an investment grade credit rating and had a sovereign debt:gdp ratio of 24% as well as an unemployment rate of just under 20%,” Mavuso said. The second era, however, was one of regression, where government-led extortion and corruption took hold. Since the ‘peak’ in 2008, South Africa has slid backwards on just about every one of these indicators, Mavuso said.
Mavuso said 2024 marks the first time that actual progress is being noted on some of these fronts, with many in government and the business community failing to grasp the sheer scale of the damage done during the state capture years.
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