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Drought is harshly affecting the economy of SA - Economist

9 February 2018 8:42 AM
Tags:
Cape Town drought
economist Iraj Abedian
Day zero

Economist Dr Iraj Abedian says government knew about the drought 17 years ago but did nothing and now the economy is suffering.

As the Western Cape continues to battle with the consequences of drought in the region, some experts are saying the government should've planned way in advance.

CEO at Pan-African Investments and Research Services, Dr Iraj Abedian says the economy of the country is going to be badly affected because of the failure of government to manage things properly.

He says the current drought is affecting business, the biggest industry in the Western Cape which is tourism, jobs as well as agriculture.

Read: 'SA's demand for water continues to outstrip supply'

This drought is a contributor, without a doubt, but the real cause of our situation is political mismanagement.

Iraj Abedian, Executive Chairman at Pan-African Capital Holdings

He says government knew about this drought, which was scientifically proven 17-years ago, but decided to fold arms and do nothing.

He says political leaders need to act to such warnings because "the economy cannot be left to auto pilot".

Governance requires planning for the next 10 to 20 years, says Abedian.

Read: 'Taps won't run dry in Cape Town' Minister Des van Rooyen

Our government in the Western Cape for the past 17 years failed us miserably and they brought us here.

Iraj Abedian, Executive Chairman at Pan-African Capital Holdings

Because of that a whole lot of people have cancelled their purchase of property and investment in the Western Cape.

Iraj Abedian, Executive Chairman at Pan-African Capital Holdings

Whatever you want to do in whatever sector you are, if you dont have two things you cannot do business. One is continuous and reliable energy and the other is reliable, competitive and continuous water supply.

Iraj Abedian, Executive Chairman at Pan-African Capital Holdings

The drought situation is also affecting the biggest industry in the Cape which is tourism, says Abedian.

He says the lower income earners in the hospitality business are harshly affected.

We mustn't blame drought for all of it, without a doubt it's a contributor, but if we are being stubborn, we are going to see the consequences.

Iraj Abedian, Executive Chairman at Pan-African Capital Holdings

I think we need to be very aware that drought is a political phenomenon and not just natural.

Iraj Abedian, Executive Chairman at Pan-African Capital Holdings

To hear the rest of this interview with Dr Iraj Abedian, listen below:


9 February 2018 8:42 AM
Tags:
Cape Town drought
economist Iraj Abedian
Day zero

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