Business Commentary

2016-09-01 06:00
Colin Proudfoot - ONEWAY BUSINESS SERVICES

Colin Proudfoot - ONEWAY BUSINESS SERVICES

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IT certainly is a challenge for the business sector to remain positive and proactive when one considers the very real possibility of a “low road” scenario playing out in South Africa.
The country’s investment rating, currently one notch above junk status, is due to be reviewed by ratings agencies in December. A further downgrade is widely regarded as arguably the biggest external threat to our economic well-being. The country’s cost of borrowings would rise markedly, the rand would weaken substantially and capital would flow out of South Africa. In a nutshell, it would bankrupt our economy.

The agencies made it very clear that they want to see disciplined management of state finances, serious economic growth initiatives and, above all, responsible leadership. Currently, the ball is bouncing the wrong way. Our widely respected custodian of state finances is under blatant political attack from members of his own party and state enterprises continue to be, at best, mismanaged if not openly used as vehicles for self-enrichment.
Continuing down this path will most definitely lead to a ratings downgrade with all the associated troubles that will result.

Will we continue down the “low road”? Are we soon going to witness the demise of this country at the hands of a few power crazed individuals?
I think not. I think that very soon there is going to be a major shake-up in leadership because, irrespective of political allegiances, there are true leaders in the mix who are going to rise to the challenge in the interests of this nation and steer us back toward the “high road”.

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