7 steps to beat the recession, according to DA leader Mmusi Maimane

FILE: DA leader Mmusi Maimane. Picture: Thomas Holder/EWN.

They are very much onto something… one wonders if anything they recommend will see the light of day.

Dr Azar Jammine, Econometrix

The economy is toast.

South Africans are getting poorer.

On Tuesday Democratic Alliance (DA) leader Mmusi Maimane penned a column in Daily Maverick in which he suggests the following sevens steps to end the recession:

  • Scrap reckless economic policies like the proposed nationalisation of the Reserve Bank and the undermining of property rights through expropriation without compensation.

  • Privatise SAA, or part thereof, and split of Eskom into separate power production and distribution businesses.

  • End Eskom’s monopoly. Allow municipalities to buy from independent power producers directly.

  • Contain Government spending to stabilise the country’s debt at 50% of GDP. Fund revenue shortfalls by cutting wasteful expenditure, not through new taxes.

  • Cut the size of the Cabinet to 15 ministries.

  • Exempt small businesses employing fewer than 250 employees from complying with restrictive labour legislation, other than the basic conditions of employment.

  • Immediately pay all outstanding invoices owed to small businesses.

Ray White (in for Bruce Whitfield on The Money Show) asked Econometrix Chief Economist Dr Azar Jammine what he thinks of Maimane’s plan.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

There’s been a recommendation for decades to, at least, partially privatise… We’ve seen a success in the form of Telkom… But, such a recommendation keeps on running up against an ideological blockage…

Dr Azar Jammine, Econometrix

…providing title deeds for millions of landholders who are being denied these title deeds by the Government itself.

Dr Azar Jammine, Econometrix

The risk is that we reach rock bottom, and [only] then common sense prevails…

Dr Azar Jammine, Econometrix

With Venezuela, they nationalised the oil resources to benefit the masses of the population… oil production has fallen to a third of what it used to be…

Dr Azar Jammine, Econometrix

The President agrees with an awful lot of what the DA is suggesting…

Dr Azar Jammine, Econometrix

…above all, of course, is get rid of corruption.

Dr Azar Jammine, Econometrix

A weaker rand is a saviour to some of our industries, so let’s take advantage of that…

Dr Azar Jammine, Econometrix

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This article first appeared on 702 : 7 steps to beat the recession, according to DA leader Mmusi Maimane


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