BUSA VP Adrian Gore
CEOs from over 115 leading corporations operating in South Africa and which collectively employ 1.2-million people and have a combined market value of R11-trillion, have formally pledged to help the country overcome the problems currently undermining inclusive economic growth.
The companies operate across all sectors of the South African economy, which is currently characterised by low economic growth, collapsing infrastructure, rampant crime and corruption, and extremely high levels of inequality and unemployment.
Business Unity South Africa (Busa) VP Adrian Gore, who is also Group CEO of Discovery, argued that the pledge was not merely a symbolic gesture, but a “concrete commitment to drive change in key sectors that are essential for our economic recovery”.
President Cyril Ramaphosa and Busa, through its structure Business for South Africa, recently announced a partnership to implement interventions in the areas of energy, transport and logistics, and crime and corruption, while a R100-million Resource Mobilisation Fund has been raised to support the injection of expertise into the National Energy Crisis Committee, set up to tackle the loadshedding crisis.
Concern has been raised that several of South Africa’s main microeconomic problems are being managed by crisis committees that have no direct Parliamentary oversight and where decisions could be made in favour of participants with direct interests in the outcomes.
Nevertheless, organised business and government has pushed ahead, saying collaboration is crucial to overcoming some of the obstacles to both investment and growth, the stimulation of which is seen as key to tackling the country socioeconomic backlogs.
“By translating these partnerships into a collective action plan, the transformative power of these actions can extend beyond mere statistics – it can profoundly impact our nation, our communities, and each individual citizen,” Gore argued in a statement.
The statement also included the pledge itself, which reads: “As South African business leaders, we firmly believe in the immense potential of our country. We are committed to building it and have come together to address the current challenges with the aim of achieving sustainable, inclusive economic growth. Through strategic partnerships and focused interventions, we have the power to make a significant and positive impact on our nation, creating hope for all South Africans. We are resolutely committed to being a force for good”.