ANCYL chaos costs Johannesburg R30m

2011-09-01 07:43

Johannesburg - The chaos caused in the Johannesburg city centre by ANC Youth League members in support of embattled leader Julius Malema will have a major impact on the country’s economy.

According to the city’s Chamber of Commerce and Industry CEO, Keith Brebnor, the city suffered financial losses of between R30m and R50m on Tuesday, according to a report in The Times.

He added though that the damage to South Africa’s investor image could be even more serious. He likened Tuesday’s events to the recent riots in the UK, saying that SA’s image would be affected in the same way.

Brebnor said there was a perception that South Africa was becoming more unstable and a less desirable trading partner.

Other economists agreed, saying that ANCYL supporters were sending out negative messages to the rest of the world.  

The protests at Luthuli House on Tuesday made headline news around the world with many newspapers speculating on how it would affect potential investment.