Business leaders in South Africa have given President Cyril Ramaphosa tips on how to grow the country’s economy after elections.
Economists, business lobby groups and top executive officers made some suggestions. Some of them including the fixing of state owned companies and cutting of debts among others. The president also has to prosecute suspects accused of plundering the government.
FirstRand CEO Alan Pullinger said Africa’s largest bank views main priorities by turning around Eskom and follows State Capture by Chief Justice Raymond Zondo.
“Eskom should be restructured and the cabinet be reform-minded. In that way, the president will tackle many structural challenges the country encounters. Domestic and Foreign investors’ confidence should be restored. Major participants in state capture should be prosecuted and this will alarm the governing government that corruption is not tolerated”, said Pullinger.
Vodacom CEO Shameel Joosub said they want new administration that will release high-demand wireless spectrum.
“Telecommunication policy should have direction. There is a direct correlation between lower data prices and gross domestic product growth. The allocation of new spectrum that was invented in the last 14 years in South Africa brought an obstacle on reducing input costs, extension and data prices. This has curbed the pace at which data prices could have fallen”, said Joosub.
Aspen Pharmacare Chairman Kuseni Dlamini who is the chairman of Africa’s largest drug maker and heads of the board of Walmart’s Johannesburg-based retailer, Massmart said there is a need of pursuing global competitive as a national objective.
“We need to make sure that we create an enable environment that encourages companies in different sectors to become global leaders. This requires the right nexus between policy, regulation, business and labour”, he said.
Investec Founder Stephen Koseff said finances of state-owned companies are key priority in improving the economy of the country.
“Eskom should be split into generation, transmission and distribution, open the grid to private producers as well. Challenges of state capture needs and abuse in our society should be dealt with. We should face the truth and find solutions to problems”, said
Business Leadership South Africa CEO Bonang Mohale said more black managers should be raised therefore to represent the country’s demographics.
“We have to get rid of state capture and implement transformation. We also have to retain jobs that we have and create more employment”, said Mohale.