President Zuma needs to reveal reasons for cancelling investor road trip – BLSA
Business Leadership South Africa on Thursday called on President Jacob Zuma to reveal his reasons for cutting Finance Minister Pravin Gordhan’s investor roadshow trip, to the UK, short.
“If the President has credible and actionable reasons for the crisis unleashed by his action, he needs to tell the nation why he cancelled the investor roadshow and put to bed the rumours threatening our democracy,” the organisation said in a statement, adding that the trip would have promoted the country to international investors and defended its credit rating.
BLSA pointed out that Zuma’s silence would raise foreign investors’ and credit rating agencies’ concerns that the South African economy has become a “pawn of political infighting, nefarious power plays and self-interest. In the absence of a plausible explanation, it is very difficult not to conclude that the President put his own agenda, which remains unknown to the public, ahead of the country’s interests”.
Further, BLSA lauded Gordhan and his team at National Treasury, noting that they had “provided exemplary leadership”, upholding disciplined and prudent fiscal policy.
“They have worked with other social actors to uphold South Africa’s credit rating and, as a consequence, have ensured the ongoing viability of our social expenditure upon which so many South African rely.”
BLSA further accused Zuma of failing to provide policy clarity, certainty and effective administration, noting that these failures would ramp up the costs and risks of investing in South Africa. “It will worsen South Africa’s abysmal economic performance of the past seven years, render any notion of radical economic transformation still born and continue to impoverish the most vulnerable in our society.”
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