DURBAN - The CEO Initiative believes that tomorrow's Budget Speech is a crucial opportunity to present credible and tangible measures – with a particular focus on delivery and execution – that South Africa needs to be substantially more investor-friendly, growth-orientated and fiscally resilient in the face of serious economic and social challenges.
According to the initiative, they have been very supportive of the visible commitment during President Ramaphosa’s tenure to galvanise government, labour and business to try and unlock growth. They are also encouraged by the efforts to transparently unpack and stem the systemic capture and incapacitation of key national institutions and state-owned enterprises (SOEs).
The positive tone of, as well as the focus points that the President outlined in his State of the Nation Address (SONA), contribute towards rebuilding our special country as a place in which all South Africans can thrive.
It is vital that government now moves from talking and starts to take firm and practical action to address these issues: the national fiscal position, as well as the stubborn and dangerously low economic growth rates do not allow room for any other course of action.
The CEO Initiative believes the Budget should clearly demonstrate government’s commitment to fiscal discipline, in addition to addressing the key structural issues and major risks preventing the economy from performing optimally. The country particularly needs clarity on the plans to incentivise and fund accelerated growth and employment, especially in light of growing social pressures.