Policy clarity vital for further investment - consumer body | Fin24

Policy clarity vital for further investment - consumer body

Aug 10 2017 19:48

Johannesburg – The over 12 000 members of the Consumer Goods Council of SA (CGCSA) are willing to invest further, but require policy clarity and certainty, the organisation said in reaction to the failure of the vote of no confidence in President Jacob Zuma.

CGCSA members contribute 18.4% (more than R508.51bn) to SA’s gross domestic product and employ more than 2.9 million people.

The CGCSA said on Thursday it respects the wishes of the members of parliament who participated in the voting process and will continue to engage with government for the common good of the country.  

"Although President Zuma has survived the motion, the CGCSA still believes that SA has reached a crucial juncture where the government, organised business and labour should urgently take practical steps to restore confidence in the economy and the country," the CGCSA said.

READ: Focus turns to elective conference as Zuma dodges another bullet

"The issues raised by opposition political parties, business, civic society and ordinary South Africans related to governance, corruption and perceived poor leadership in government, require resolute leadership if SA is to move forward to recover from recession and begin to grow the economy to achieve inclusive growth that addresses the triple challenges of poverty, unemployment and inequality."

The 14-point economic plan recently unveiled by the Minister of Finance Malusi Gigaba is a start towards restoring economic stability and ensure growth, according to the CGCSA.

The organisation is however concerned about poor implementation of previous plans and hopes the 14-plan will not suffer the same fate.

This is particularly important, in its view, to avoid further a ratings downgrade, which will not only worsen an already weakened economy, but also result in more job cuts, further delaying sustained recovery.

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