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Financial Planning
Governance
September 30, 2019

CEO's urge president Ramaphosa to link arms with business

<h2>CEO's urge president Ramaphosa to link arms with business and act decisively to accelerate economic growth</h2>

<span style="font-weight: 400;">A group of Chief Executive Officers (CEO’s) of leading businesses met with President Cyril Ramaphosa and his advisors, recently, to discuss how business and government can work together to address the urgent socio-economic challenges facing our country. </span>

<span style="font-weight: 400;">The CEO’s emphasised that while progress was being made on addressing corruption and state capture, the combination of near zero economic growth, high levels of unemployment and escalating violence represents a crisis for the country. The CEO’s called on the President to act urgently. They assured the President that the private sector is willing to link arms with the government to address the challenges facing our country. </span>

<span style="font-weight: 400;">The CEO’s highlighted that unless economic growth accelerates rapidly, poverty, unemployment and social instability will continue to worsen. In addition, the current fiscal trajectory - and our last investment grade rating from Moodys - is unsustainable without higher levels of economic growth. </span>

<span style="font-weight: 400;">The CEO’s expressed confidence that the government, led by President Ramaphosa, can resolve these challenges. They urged the President to prioritise growth enhancing policies. The CEO's emphasized that sustainable economic growth must be at the centre of the country's strategic direction. To this end, the CEO's offered to assist the government with private sector skills to address gaps in the capacity of the state, which has been diminished by the effects of state capture. This offer was welcomed by the President. </span>

<span style="font-weight: 400;">The CEO's urged the President to lead government in implementing critical short and medium term, macro- and micro-structural economic reforms, to lift confidence and provide more certainty for investors, and in so doing boost economic growth. These reforms include simplifying and making “user friendly” visa regulations for tourists and skilled personnel, the issuing of spectrum and announcing a clear and sustainable strategic, operational and financial plan for Eskom, including the appointment of a world class CEO. </span>

<span style="font-weight: 400;">The CEO’s stated their support for the growth plan released by the Finance Minister for public comment. The plan uses solid, evidence-based policies as a basis to kickstart economic reforms to boost private sector investment in the economy and drive higher levels of inclusive economic growth. </span>

<span style="font-weight: 400;">Finally, the CEO’s committed to increasing the pace of initiatives to broaden economic inclusion, including supporting the work of the Youth Employment Service, the SME Fund, and other private sector initiatives that will drive job creation and small business growth.</span>

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