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BUSA: SA business more confident about conditions for growth and employment in South Africa

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BUSA: SA business more confident about conditions for growth and employment in South Africa

Photo by Bloomberg
Finance Minister Nhlanhla Nene

13th March 2018

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Business Unity South Africa (BUSA), which is part of the South African delegation that is undertaking a week long investor roadshow in London, Boston and New York, is optimistic about South Africa’s economic prospects following meetings with investors and Ratings Agencies that commenced yesterday in London.

The South African delegation is led by Finance Minister Nhlanhla Nene accompanied by Deputy Minister of Finance Mondli Gungubele; Treasury Director General Dondo Mogajane, and officials from the National Treasury and Reserve Bank.

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According to BUSA, recent leadership developments along with South Africa’s strong institutions, media and political freedoms, as well as committed public servants that have maintained the integrity of National Treasury in the more recent past have all been seen as signals of a robust Constitutional democracy.

Commitment to greater policy certainty and fiscal consolidation were regarded as vital for attracting investment. Investors reinforced the importance of continued efforts to address corruption and inefficiencies within Government, and particularly in State Owned Enterprises (SOEs), stated BUSA.

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“As expected, policy certainty and political stability have been identified as a prerequisite for long term investment. Engagement and transparency with social partners in Nedlac, where policy is developed with the benefit of evidence based analysis, will ensure greater buy-in and contribute to policy certainty for business,” said BUSA CEO, Tanya Cohen attending the International Investor Roadshow in London.

“Team SA has strong representation from National Treasury, labour and business that have addressed issues raised clearly and comprehensively. Implementing decisions to deal with the issues and leverage our strengths will go a long way to inspiring and retaining confidence of capital”, stated Martin Kingston, BUSA Vice President.

The South African delegation was greatly praised for the progress made in stabilising country’s fiscal position. “This puts us under tremendous pressure to maintain and improve on what has been achieved thus far. As business, we remain committed to play our part,” said BUSA President Jabu Mabuza, who is also chairperson of the board of Eskom. Eskom, along with other SOEs did not escape the scrutiny of the ratings agencies and investors, that highlighted the importance of stabilising the financial status and governance of South Africa’s struggling state-owned organisations.

South Africa’s high youth unemployment rate, clarification on the process to deal with expropriation without compensation, labour relations stability and the costing and funding of free higher education were among the other issues raised by investors.

The investor roadshow continues this afternoon in London, and will be followed by various engagements with investment firms in Boston and New York.

 

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