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Assessing and promoting civil and minority rights in South Africa.

[Source: Business Day by Chris Gilmour.]

If you want intelligent, objective and insightful comment, the Free Market Foundation is always a reliable place to visit. And if you want depression and disillusionment with SA’s economic prospects, the  foundation again is your port of call. And when the speaker is straight-talking, no-nonsense chief economist of Efficient Group Dawie Roodt you certainly get your fill.

In an unbiased honest update on the economy, Roodt calls the ANC the most destructive force SA has seen, and he cannot think of one single thing that works well and can be credited to the party. Coming in for special criticism are state-owned enterprises (SOEs) and a grossly overpaid civil servant workforce.

Roodt notes that one of the first things Cyril Ramaphosa did on taking office was to replace the boards of the dysfunctional SOEs, and especially that of Eskom. The new guard at the national electricity corporation saw sense and refused wage increase demands for already overpaid staff. This sanity was short-lived and SOE minister Pravin Gordhan simply overruled the board and authorised nice increases plus bonuses. With that type of override, Roodt believes Ramaphosa will  be unable to succeed in reining in the rampant civil servant payroll.

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South Africa at a Glance
57 700 000 (mid 2018 estimate)
4.9% y/y in September 2018 (CPI) & +6.2 y/y in September 2018 (PPI)
-0.7% q/q (2nd quarter of 2018)
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