I expect the rand to reach a R14.50 low against the dollar, even R15. Its fall has nothing to do with President Cyril Ramaphosa but everything with the government’s economic policy.
Since 1994, the government has been following a beggar’s economic policy. That policy has wiped out some South African industries and weakened the economy.
When the rand hits a R15 low and there’s another fuel price increase, South Africa will fall into a recession and the Reserve Bank will be forced to increase rates to dampen the “perceived” rise in inflation.
South Africans will be punished for a sin they have not committed.
All this does no good to our 38% unemployment rate (although the official rate is 27%, we know that excludes other considerations).
The irony of the government’s beggar’s economic policy is that South African political leaders go abroad to seek investors but the country is bleeding money. Why don’t they stop this capital bleeding first?
Nelson Mandela couldn’t solve the unemployment problem, nor could Thabo Mbeki or Jacob Zuma. We don’t expect Ramaphosa to do so either.
The government is sitting with a huge problem, and it is time to change its economic policies.
Jeri Kekana, party leader, Build South Africa