Nedbank warns of bad policy

Staff Writer | Aug 11, 2019
Nedbank CEO Mike Brown warned that South Africa would not stage an economic recovery without significant policy reform.

Brown is the latest South African business leader to express doubts about the reformist bent of the government under President Cyril Ramaphosa, which organised business in South Africa was central to bringing to power.

The business community had assumed that Ramaphosa would drive a campaign on market- and investment-friendly policies. Instead he has further regulated the labour market, championed a socialist National Health Insurance policy, and pressed ahead with plans to allow the government to confiscate land and other assets without compensation.

Since Ramaphosa came to power, the unemployment rate has worsened sharply, while the economy is set to grow at a fraction of world and African averages.

 

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