SA's economic stability 'held hostage by ideology'

Johannesburg - President Jacob Zuma should have the courage to announce changes to economic policy that will benefit the country at the State of the Nation address, Afribusiness said on Wednesday.

“The economic stability of the country is held hostage by a government ideology that creates a bad economic policy," CEO Cornelius Jansen van Rensburg said in a statement.

"The low economic growth of the country, unemployment and the derelict infrastructure are mere symptoms of this."

Jansen van Rensburg said there were three things Zuma could do to turn around the economic situation: privatise the electricity supply industry, entrench property rights and expand them to all South Africans, and reconsider black economic empowerment in total.

“Only the private sector and more specifically local enterprises, can make the biggest contribution in the relief of unemployment and poverty,” he said.

“The State of the Nation address gives the president the opportunity to make it possible for businesses to invest in the future of the country and as such create job opportunities."

Zuma is expected to address the nation on Thursday evening.