SOE's behave like unrehabilitated alcoholics - Bonang Mohale

CEO of Business Leadership South Africa, Bonang Mohale says South Africa's gross domestic product can only grow with the help of the private sector, accusing government of being anti-business.

The Finance Minister's speech was delivered on Wednesday as South Africa tries to restore confidence in the country's economy after several economic downgrades weakened growth this year.

READ: 'We're likely to get credit downgrades' - economist

ALSO READ: ‘Probably looking at tax hikes in February for middle-income earners’

Treasury expects the country's debt to reach 3 trillion rand by the year 2020.

Raising concerns over Finance Minister Malusi Gigaba's mid-term budget policy statement, Mohale says government has 'squandered' an opportunity to be the most robust and diverse economy on the continent.

By the minister's admission the government is running out of money, this is the only time that it should be going to business and saying GDP growth can only come from the private sector and say let me extend an olive branch.

Bonang Mohale, BLSA CEO

Anybody that says business is on an investment boycott is talking nonsense because business as we speak today employs 13.5 million people of the approximately 15 million people that are gainfully employed, government only 2.2%. How do you expect business to invest more when you call it White Monopoly Capital even though it is not white.

Bonang Mohale, BLSA CEO

We need to be saying based on this fiscal cliff it means we can't afford the luxury of bailing out state owned enterprises that continue to behave like unrehabilitated alcoholics every year coming for bailouts when we know that the root cause is because we are putting on people that are rapidly promoted, by and large incompetent, where the only recognition is loyalty to the President.

Bonang Mohale, BLSA CEO

He says President Jacob Zuma is 'wrecking' the economy and that the African National Congress is creating more of a trust deficit.

Listen here to more from Mohale...


This article first appeared on 702 : SOE's behave like unrehabilitated alcoholics - Bonang Mohale


Recommended

by NEWSROOM AI

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
The country is in a state of ICU but nothing is being done - Iraj Abedian

The country is in a state of ICU but nothing is being done - Iraj Abedian

Economist Dr Iraj Abedian says the Mid-Term Budget delivered in Parliament is very concerning, even the rand reacted to it.

EFF: Gigaba will consolidate all the kleptocratic aims of the Gupta-Zuma clique

EFF: Gigaba will consolidate all the kleptocratic aims of the Gupta-Zuma clique

EFF's Mbuyiseni Ndlozi says they will be listening to Gigaba's mid-term budget speech with a lot of 'despondency'.

WATCH: Gigaba breaks down mid-term budget in Parly

WATCH: Gigaba breaks down mid-term budget in Parly

Finance Minister Malusi Gigaba will be outlining the government’s spending plans for the next three years during his address.

'Gigaba will have to bridge a roughly R40 billion shortfall in revenue'

'Gigaba will have to bridge a roughly R40 billion shortfall in revenue'

Economist Goolam Balim says debt and dwindling tax payments are only some of the financial constraints government is facing.

Opinion:  There seems to be a change in tone in the ANC

Opinion: There seems to be a change in tone in the ANC

Stephen Grorotes responds to comments made by Free State Premier Ace Magashule on white control of the economy.

Popular articles
More arrests are imminent in connection with the cash-in-transit heists - Hawks

More arrests are imminent in connection with the cash-in-transit heists - Hawks

Seven suspects were arrested in Limpopo in less than 24 hours after a cash-in-transit vehicle was blown up in the province.

Consumers beware of illegal, deadly weight-loss products

Consumers beware of illegal, deadly weight-loss products

Consumer journalist Wendy Knowler and a medical testing expert put several harmful weight-loss products under the microscope.

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Bruce Whitfield interviews La Grange about her and Madiba's attitude to money (hopes and fears, successes and failures, etc.)

Criminals targeting homes with aluminium windows, warns neighborhood watch

Criminals targeting homes with aluminium windows, warns neighborhood watch

The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

‘I started my thriving business with R5000 (and made a profit in the 1st month)’

After 3 years there are 3 Nic Harry stores (incl online) that sell 100 000 pairs of socks in over 20 countries around the world.

5 contributing factors to the Western Cape's growing green economy

5 contributing factors to the Western Cape's growing green economy

GreenCape CEO Evan Rice unpacks why our province is seeing a great deal of success with sustainable energy projects.