If you haven’t already, I want to encourage you to read the final commentary penned by Sanlam’s Jac Laubscher, in which he ponders South Africa’s economic growth conundrum. In his thoughtful piece, Laubscher makes three key observations.
First, he notes that the SA economy only performs well when the global economy is flying, which he calls “a serious indictment of the quality of [SA’s] human capital.” Second, he points out that since 1997, South Africa’s government has been great at analysing the roots of the economy’s problems and developing plans to solve them, but terrible at implementing those plans. Finally, he says that while everyone acknowledges that the economy is being held back by structural constraints, there has been no political will to make structural changes.
All of this adds up to an enormous opportunity for incoming ANC president Cyril Ramaphosa. If he can muster the will and drive to make real, structural changes and actually develop and implement a comprehensive and informed economic programme, he has the potential to genuinely change the lives of all South Africans. Let’s hope he seizes this opportunity.
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