On 7 May, Thys du Toit released a YouTube clip urging the state to open a struggling South African economy. With a restaurant industry on life support and a daily wave of Covid-19 infections, BizNews editor-in-chief Alec Hogg is joined by Thys du Toit, David Shapiro, and Herman Mashaba to discuss entrepreneurs, corruption, and how SA can possibly get back on its feet. – Claire BadenhorstÂ
Entrepreneurs could be the answer
Thys Du Toit, one of the founders of Coronation Fund Managers, has been outspoken about the need to invest offshore because of poor prospects for South Africa. During his Rational Radio webinar on 27 July, Alec Hogg asked Du Toit if he has changed his mind since pleading with President Ramaphosa to open the economy, given the surge of infections in the last few months.
___STEADY_PAYWALL___
“I still am a very concerned citizen,” says Du Toit. “Our government finances are in the doldrums. My comment at the time and still is that we need to do something to get the economy going and part of that is opening the economy. We want this country to work.”
“Let us enable entrepreneurs to make their magic. They are the people who employ hundreds and thousands of other people. Who creates jobs? Not the government, not the unions, but entrepreneurs.” – Thys Du Toit
David Shapiro, agreed, remarking on the current state of the restaurant industry.
“I was walking through Melrose Arch which is made up of restaurants. Most of them were closed but those that were open were maybe 20% full. Now, this has been going on for three or four months. Not only will the restaurants go but the landlords will go as well and a whole area like Melrose Arch will just disintegrate if people don’t come back.”
“It was never intended this way. It was always intended that the government, or otherwise the insurance companies, the banks, would ensure that we got through this period. It’s not going to happen. For me, that’s the scariest part of it all- that no one seems to care. No one seems to be taking the right kind of action to get us through this difficult time, as we’re seeing now with Santam.”
A question of accountability
Herman Mashaba is not only an entrepreneur and an outspoken anti-corruption fighter, but for many, he is the great hope for the political future of South Africa. In his view, South Africa will need investment from outsiders to recover from Covid-19 and a corrupt state.
“Whoever takes over from the ANC is taking over a bankrupt country,” he says. “We need money but our reputation is junk. We have to demonstrate that we are people of integrity.”
“With children and grandchildren in the country, everyone is concerned about the future and if we don’t speak up, nothing is going to happen,” Shapiro agrees. “There will be solutions – it’s just a case of sitting down around a table and finding them.”
For the full webinar, visit BizNews on YouTube here.
