Brain drain strangles growth

2001-12-11 19:05

Cape Town - South Africa's economic health was being hamstrung by its inability to convince young people that they have a future in the country, Pick 'n Pay chief Raymond Ackerman said on Tuesday.

Addressing a graduation ceremony at the University of Cape Town where he received an honorary degree in economic sciences, he said this applied especially to the country's graduates, professionals and skilled managers.

"Our growing reliance on social, rather than natural resource capital, means that our economy cannot sustain the current skills shortage which is greatly aggravated by the emigration of many of our talented, educated and experienced young people," Ackerman said.

"Our intellectual capital, in which we as a society have invested so much and which institutions such as UCT do so much to ensure, is under threat."

He said that official figures indicated that almost 10 000 South Africans were emigrating annually. Almost half of these came from the professional or managerial occupations.

The extent of the brain drain could only strangle growth which would lead to delayed economic development.

"We need to put in place strategies which aim both to retain critically needed skills in the country, and to attract new talent from abroad," Ackerman said.

- SAPA