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Ramaphosa holding 'crucial' meeting with business leaders on reconstruction

20 July 2021 7:02 PM
Tags:
ANC
Economy
Inequality
The Money Show
Looting
Bruce Whitfield
economic inequality
President Cyril Ramaphosa
Dr Thabi Leoka
business leaders
economic recovery
civil unrest
reconstruction
social compact

'Business should help ensure that SA's socio-economic problems are solved.' Bruce Whitfield talks to economist Dr Thabi Leoka.

President Cyril Ramphosa meets 90 business leaders on Tuesday evening in the wake of the destruction sowed in last week's public unrest.

Ramaphosa's opening remarks outlining the essential steps government will take were posted by the Presidency on Twitter.

Key to the success of these plans is close collaboration between government and business, says the president.

The purpose of the meeting is "to share information on the challenges faced by key sectors of the economy, to identify priorities and tasks, and to agree on measures that we need to take together to rebuild and reposition SA."

"We must build a special social contract among all of us to respond to the crisis, and rebuild an economy that is far more resilient, sustainable, dynamic and inclusive."

Bruce Whitfield interviews independent economist Dr Thabi Leoka.

So far we have north of R50 billion [in damage] and counting... It's going to have a long-lasting impact. So many people have lost their jobs, so many people have died...

Dr Thabi Leoka, Economist

There needs to be a restoration project because key points such as your manufacturing zones and water purification companies, businesses, ports, you name it have been devastated...

Dr Thabi Leoka, Economist

This is a collective effort by government and business and South Africans to restore what has been demolished.

Dr Thabi Leoka, Economist

The unrest exposed the very well-known fault lines that have been ignored for a long time, comments Whitfield.

Dr Leoka explores the various elements that contributed to the past week's chaos.

At the very core of it, she says, is infighting in the ruling party.

Before we talk about inequality - this was not create by inequality. This was an internal 'family matter' and this family had aspects of a mafia element in it, and the rest of us were collateral damage.

Dr Thabi Leoka, Economist

And then obviously in a country that is very unequal... where all the socio-economic problems were ignored by policy makers, when this opportunity presented itself it triggered looting an opportunistic looting

Dr Thabi Leoka, Economist

You need to prioritise these socio-economic issues that have been a problem for a very, very long time in our history.

Dr Thabi Leoka, Economist

This meeting tonight is very crucial because business typically puts pressure on government, and business by its nature wants outcomes... Business actually should also take a step in to make sure that these socio-economic problems - some of which have been created by business - are solved.

Dr Thabi Leoka, Economist

Listen to the interview with the powerhouse economist below:




20 July 2021 7:02 PM
Tags:
ANC
Economy
Inequality
The Money Show
Looting
Bruce Whitfield
economic inequality
President Cyril Ramaphosa
Dr Thabi Leoka
business leaders
economic recovery
civil unrest
reconstruction
social compact

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