CAPE TOWN – It is no longer negotiable that government urgently restructures its policies and procedures on how SOEs are managed, particularly through the independent appointment of competent boards and management.
This is according to the South African Chamber of Commerce and Industry (Sacci), which on Wednesday reported a decline in the Business Confidence Index in July after a marginal improvement in June.
Sacci’s BCI for July declined to 92 index points, 1.3 index points lower than the June 2019 level, and 2.7 index points lower than the July 2018 figure, after it improved marginally by 0.3 index point in June 2019.
“This is the second-lowest level of the index since January 2019, the lowest being in March at 91.8. The highest BCI of 95.1 was recorded in January,” Sacci said in a statement.
Nedbank Group chief executive Mike Brown on Tuesday issued a strong warning to the government stating that the country was fast running out of both time and money, and urgently needed structural reforms to stem economic and fiscal deterioration.