The South African economy as it currently appears is “racist and colonial in nature”.
The Covid 19 pandemic offers the country a golden opportunity to reform and restructure the economy, Pres. Cyril Ramaphosa said Sunday afternoon.
He said in an online meeting with the South African National Editors’ Forum (Sanef) that the idea of economic patriotism should be established in the country.
The economy needs to be more locally oriented and the country, for example, has to produce its own food (which it has been doing for a long time) and medical supplies.
The economy needs to be rearranged and more inclusive. A new social agreement between the government and the people of the country must be reached.
“The economy needs to be reopened. It must be an economy that responds to the poverty in the country. The focus should be on job creation. ”
According to Ramaphosa, industrialization should also be a focal point. More women and youth need to be involved in the labor market.
Ramaphosa says the country cannot afford to have 10 million people who are unemployed. In addition, millions of South Africans will lose their jobs with the current pandemic and this must also be borne in mind.
“This challenge must be tackled. The country’s fiscal position needs to be strengthened and the economy become more productive. All sectors need to grow. “
He also said the land reform process needs to be accelerated.
“We must also pay attention to infrastructure development because it will help accelerate economic growth. Many countries have used infrastructure development from a post-war situation to grow their economies. ”
There should also be more maintenance projects.
See the full address by Ramaphosa below:
