South Africans are urged to cast their votes wisely in the upcoming elections, as one of the nation’s top bankers, Investec Group CEO Fani Titi, calls for change. Titi emphasizes the need to replace “useless” politicians who have neglected job creation and investment. The economy’s struggles, marked by corruption and slow growth, require a shift in leadership. With the ANC’s majority at risk, Titi underscores the importance of electing forward-thinking, younger leaders who can steer the country away from a precarious future, ensuring it doesn’t deteriorate into a Zimbabwe-like scenario.
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Ditch âUselessâ Politicians, Top South African Banker Says
By Adelaide Changole
South Africans should use next yearâs elections to vote out âuselessâ politicians who have failed to prioritize jobs and drive investment, and choose leaders who will get the struggling economy back on track, according to one of the countryâs top bankers.
âYou have to have a half-decent government and I donât think at the moment we are anywhere close,â Investec Group Chief Executive Officer Fani Titi said in a speech at the Gordon Institute of Business Science in Johannesburg last week. âWe get the government we deserve because we either donât vote or when we vote, we vote poorly.â
The African National Congress has led Africaâs most industrialized nation since White-minority rule ended in 1994. The government made initial strides in tacking poverty, unemployment and inequality, but its performance deteriorated markedly during President Jacob Zumaâs nine-year rule, which was marred by repeated corruption scandals, policy missteps and inappropriate appointments.
President Cyril Ramaphosa, who succeeded Zuma in 2018, has struggled to turn the situation around, with output constrained by electricity shortages and logistics bottlenecks.
The economy has expanded less than 2% a year over the past decade, the International Monetary Fund doesnât expect its performance to improve markedly until 2028 at the earliest and the National Treasury has warned that state debt is approaching unsustainable levels.
âIf you are not a little scared about the country, thereâs something wrong with you, because the trajectory is not good at all,â Titi said. âWe are governed by guys in their late 60s and some in their 70s with no idea about how the world works.â
In a televised address on Monday night, Ramaphosa defended his administrationâs performance, saying it had made progress toward ending power cuts, creating jobs and improving the rail system and ports. He reiterated the governmentâs commitment to a stable macroeconomic environment, a sustainable fiscal trajectory and reducing its debt, and pledged to press ahead with reforms to kick-start growth.
While much more needs to be done, âthere are clear signs that our efforts are showing results,â the president said. âI am confident that through the actions we are taking now, we will overcome the challenges we face and build a society that works for all of its people.â
Titi conceded there was reason to be hopeful, saying there is a realization that urgent action is needed to tackle the countryâs challenges, with the private sector now working with government to address energy shortages, logistics constraints, crime and corruption.
Several opinion polls show the ANC risks losing its national majority for the first time next year, an eventuality that would force it into a coalition if it wants to retain power. The next administration has to focus on creating an environment that unlocks private sector investment and allows business to create jobs, according to Titi.
Read More: South Africaâs Ruling ANC Sees Support Slip to 45% in Survey
The upcoming election will be an opportunity to vote in younger people who have ideas on how to move the country forward, and the 2029 vote âwill be critical,â he said. âIf we donât get it right, then you get to a tipping point where you can easily deteriorate into a Zimbabwe, where the courts donât work, where the economy doesnât workâ for those without political connections, and that canât be allowed to happen, Titi said.
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