Industrialisation seen as key to improving South Africa’s economic outlook
As one of the leading economies on the continent, South Africa is showing increasing signs of fiscal trouble. However, this could be resolved by using policy instruments to enhance the country’s industrial manufacturing capabilities, African National Congress treasurer-general Zweli Mkhize said during a panel discussion on accelerating structural transformation in African economies.
“The first issue that we need to try to put right in South Africa is [getting] government and the private sector to be more aligned in terms of continuous consultation to identify areas of investment,” he said at the EY Strategic Growth Forum Africa 2015.
industrial labour relations was another that needed more attention, he added.
“There was a time when we spoke about a social corporate, which looked at promoting productivity, while ensuring that issues including labour rights and wage negotiations remained stable. This is an important conversation that the entire country needs to have, as it will move the country forward,” Mkhize stated.
Panel moderator BBC Africa’s Lerato Mbele was, however, not convinced by ongoing discussions, stating that it was fundamental that the ruling party understood that South Africa was no longer a competitive economy.
“Manufacturing is in decline; mining is in decline and, even if services are propping up the economy, consumers are highly indebted, which means the country needs a boost to the economy to reinforce structural reforms and confidence,” she said.
Mkhize conceded that the mining industry was “not doing well”, but added that this was linked to the global economy. “We need to look at more – the questions of the alignment of skills and the needs of industries are issues that need urgent attention.
“There is enough debate in the country, but there is also enough scope for government and the private sector to move things forward,” he asserted.
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