Bonang Mohale not surprised at loss of business confidence in govt

CapeTalk's Kieno Kammies speaks to the newly appointed CEO of Business Leadership South Africa, Bonang Mohale about his new role in the organisation.

BLSA is an organisation of 80 CEOs from South Africa’s largest businesses and multinational companies in South Africa.

On Wednesday, the Rand Merchant Bank (RMB) Business Confidence Index compiled by the Bureau for Economic Research announced that its index has collapsed by eleven points.

Mohale says he is not surprised that business has lost confidence in this country because for the first time in the history of South Africa there is lack of leadership.

Mohale is the outgoing vice president at Shell.

It takes a minimum of six years for this government to make decisions because they are involved in other things.

Bonang Mohale, Newly appointed CEO at Business Leadership South Africa

The reason why we are downgraded is because the three rating agencies gave us five things to do and the president on the 31st of March went and did exactly what they told us not to do.

Bonang Mohale, Newly appointed CEO at Business Leadership South Africa

He says the only reason they were working with the President Jacob Zuma for the past 18 months was to try and avoid being downgraded and secondly to go on road shows to promote South Africa as a good investment destination.

All that was null and void when the president made a decision to fire the entire treasury, says Mohale.

To hear more of this interview with Bonang Mohale, listen below:

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