Business sector concerned about little being done to improve investor confidence

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Although Finance Minister Tito Mboweni listed efforts to restore business confidence in the country the organisations said this was not enough with government failing on the implementation front.

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JOHANNESBURG – As different sections of the economy on Wednesday reacted to the medium-term budget policy statement, business is concerned that not much was being done to improve investor confidence, which was a key ingredient to boosting economic growth.

Although Finance Minister Tito Mboweni listed efforts to restore business confidence in the country, the organisations said this was not enough with government failing on the implementation front.

WATCH: Mboweni: government is borrowing at a rate of R2.1 billion per day

Business Unity South Africa said it needed President Cyril Ramaphosa to lead the Cabinet decisively to ensure that there was an environment where the private sector could invest in the country’s economy.

Busa CEO Cas Coovadia explained: “We don’t have too many choices and we need that sort of leadership from government.”

The bodies also flagged the allocation of R10.5 billion to failed national carrier, the South African Airways (SAA).

Business Leadership South Africa has described the spending on the state-owned company as unfortunate as the funds were reallocated from other departments and programmes to the entity.

(Edited by Mihlali Ntsabo)

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