Stronger than expected growth shows resilience of South Africans

6 December 2022    

ActionSA notes today’s announcement that the South African economy did not only avoid a recession but managed to exceed economists’ expectations in the third quarter by growing by 1.6%.

Even though the growth rate is better than expected, it is still far too low to be celebrated, especially since it came off a contraction of 0.7% in the second quarter.

With load-shedding, rampant corruption and crime, overly bureaucratic and restrictive regulations, logistical issues at Transnet and the ever-rising cost of inputs, fuel and consumer goods, South African businesses face an uphill battle.

However, today’s statistical release shows that South African businesses remain resilient, despite the ANC’s best efforts at destroying our economy. We can only imagine what our industries could achieve under the leadership of a caring and competent government.

To ensure that South Africa’s economy has the ability to keep on growing and provide access to economic prosperity for all those who call South Africa home, we call on the government to take the following immediate steps:

- Relax the draconian labour laws that have a stranglehold on enterprise in this country;

- Get rid of race-based policies that are not empowering the majority of our people and only a certain politically well-connected few;

- Fast track prosecutions of those who are responsible for damaging state institutions, particularly those fingered in the Zondo Commission Report into State Capture and thereby beginning to restore confidence in our democratic institutions;

- Expand access to visa-free entry for travellers visiting South Africa so that our tourism industry can reap the full benefits of international tourists flocking to South Africa for the summer holiday;

- Allow private energy producers to feed their generated electricity into the national grid without delay so that we can end load-shedding;

- Increase investment into catalytic infrastructure projects, including roads, ports and rail, to improve our trade capacity and general business environment;

- Providing additional support measures, such as targeted financial assistance and business development services, to small and medium enterprises to unlock their full potential as engines of job creation; and

- Fast-track the development of new industries and technologies and foster a culture of innovation and competition, so that we can diversify the economy and create new sources of growth.

While the ANC busies itself with in-fighting and protection its indefensible President, South African businesses are getting on with the work of working. We need political leadership that will allow our private sector to flourish, not punish them for highlighting the incompetence of government.

In 2024 South Africans will have the opportunity to vote the ANC out and vote for political leadership that will put the interests of South Africans first.

Issued by Herman Mashaba, ActionSA President, 6 December 2022