MD of the Banking Association of South Africa (BASA) Cas Coovadia says business needs to rally around President Cyril Ramaphosa and bring its resources to the table in order to stabilise the economy.
He says some hard decisions need to be taken and if government, business and labor do not come to the table together, the repercussions may be 'horrendous'.
In a Business Day article, Coovadia urged Ramaphosa to prioritise the country’s wider interests rather than securing votes for the African National Congress if he is to boost confidence in the economy before elections.
We have to appreciate that a number of these state owned enterprises find themselves in a position through a whole range of reasons where just plowing money into them and maintaining the operating structures is not going to solve any problem.— Cas Coovadia, MD - Banking Association of South Africa (BASA)
I think we need to demonstrate that we have confidence in the president and that we will support him in the hard decisions he needs to take. Of course he needs his political party and needs to work on his political party but I think across party political lines and across ideological lines, sectors of society need to come out and say there things to be done and we have confidence in the president to do this.— Cas Coovadia, MD - Banking Association of South Africa (BASA)
Click on the link below to hear more from Coovadia...
This article first appeared on 702 : [LISTEN] Plowing money into ailing SOEs won't solve the problem - Cas Coovadia