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ANC calls on business to invest unconditionally in the economy

Mmamoloko Kubayi-Ngubane. Picture: Thobile Mathonsi/African News Agency/ANA

Mmamoloko Kubayi-Ngubane. Picture: Thobile Mathonsi/African News Agency/ANA

Published Jun 2, 2022

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THE ANC has called on business to invest unconditionally in a bid to rebuild the economy of the country.

ANC Head of Economic Transformation, Mmamoloko Kubayi, was on Thursday addressing the Progressive Business Forum session on the policy documents.

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Kubayi said the country was facing many challenges and the Ukraine conflict has impacted on the fuel prices, seeing them surge over the last few months, following the start of the war in February. This subsequently affected the price of food.

Consumers are battling as they try to make ends meet with the soaring food prices and government needing to intervene to reduce the high fuel prices.

Kubayi said every effort has to be made to rebuild the economy so business has to invest without conditions. Cosatu and other unions have, in the past, accused business of sitting on a huge cash pile and not wanting to invest in the economy. Kubayi added that all stakeholders have to make sacrifices to ignite the economy.

“We don’t want to hear about what government can do. We think that business has a role to play and they must invest in the economy and not only invest in the economy conditionally. We are calling for patriotism here but equally for labour. What are the sacrifices that labour is prepared to make? What is it that labour is putting on the table to rebuild the economy of this country?” Kubayi asked.

She also warned that the conflict in Ukraine has seen an increase in food nationalism threatening food security in the world. Consumers have not been spared as the food prices rise with the government being urged to cushion the poor.

The oil prices have also surged over the last few months, after the war started in February. Kubayi said India and Indonesia have banned the export of palm oil. Indonesia said it was introducing the measure to control the rise in prices.

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Turkey has also joined other countries by banning the export of red meat to contain the prices.

Kubayi said this would have an impact on South Africa in the medium to long-term.

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