Don't worry, we have a plan: gov't - TechCentral

Don’t worry, we have a plan: gov’t

Jeff Radebe

Jeff Radebe

Government is satisfied that it’s doing enough to unblock the constraints to economic growth, said minister for planning, monitoring & evaluation Jeff Radebe.

Briefing the media on the outcomes of a cabinet meeting held on Wednesday, Radebe said the interventions in agriculture, transport, electricity and mining would address the negative growth these sectors experienced during the first quarter of 2016.

Statistics South Africa released the quarterly GDP figures yesterday, confirming reservations around the country’s ability to grow the economy. Mining output contracted by 18,1%, while agriculture came in at -6,5%, having declined for five consecutive quarters. Overall, the economy shrank by 1,2% in the first three months of 2016.

Radebe said government will in the foreseeable future unveil the decisions taken at last year’s Mining Phakisa — a meeting held in October last year between labour, government and stakeholders in the extractive industry.

“Government has had meetings with stakeholders to implement the recommendations flowing from the Phakisa and there’s broad consensus on the programme of action,” Radebe said.

Radebe said the decision by ratings agencies Standard & Poor’s (S&P) and Fitch to keep South Africa’s credit rating unchanged, “affirmed the continuing work by government to turn the economy around”.

“The dedicated work of Team South Africa (government, business and labour) is ensuring that South Africa avoids a junk status rating,” Radebe added.

On Friday, S&P kept its outlook for South Africa unchanged at BBB- with a negative outlook, but warned that serious economic reforms should take place if the country wants to avoid a downgrade to junk status by December.

Fitch’s decision on Tuesday to also keep South Africa’s outlook unchanged at BBB- with a stable outlook, gave the country a breather, but economists warned that hard work lies ahead if a ratings downgrade is to be averted towards the end of the year.

Notwithstanding the Democratic Alliance’s petition to President Jacob Zuma to refer the expropriation bill back to parliament, Radebe said the bill provides “legal certainty”, as it defines the “administratively just process” that needs to be followed for expropriation to take place.

“It also sets out the rules by which government can lay claim to land ‘in the public interest’ and ‘for public purposes’,” Radebe said.

The DA, on the other hand, views the bill in its current form as unconstitutional, specifically in respect of the right to property and the right not to be evicted without an order of the court.

“If the president is at all serious about the constitution in general and property rights in particular, he will not sign the bill,” the DA said in a statement earlier.

Fin24

5 Comments

  1. been saying that for 10 years now go back and drink your expensive whiskey your lip-service job to serious issues is done.

  2. Amazing this bunch of monkeys have been unproductive since they came into power, they going to turn things around in 6mths

  3. You got that right Fats. From Zuma down it’s tape worms all the way.
    Incidentally I don’t think this particular tapey from Luthuli got my earlier memo:
    It’s impossible to have infinite growth on a finite planet.
    As for his plan, I seem to recall that great thinker of the 21st century Mike Tyson had some streetwise words about plans. (Especially the ANC’s/Hlaudi’s version thereof)
    ‘Everyone has a plan until they get a punch in the mouth”

  4. I don’t know if it’s because I’m a 70 year old…(close your ears children) white male but it seems odd that ol’ Jeff hasn’t got off his butt yet and gone out there and, at a minimum, got himself into a competitive job scenario or opened up a business of some description?
    But nope, ol’ Jeffers keeps on taking his exceedingly generous monthly cheque from us taxpayers without so much as a blush.
    Maybe he’s awaiting some form of Bizness opportunity in the…..(fill in the blanks arena)…where it’s a great help to be previously ‘well connected”
    Or, is the allure of having 20 tax funded flunky’s riding shot gun around you with flashing blue lights just too much of a thrill to walk away from?
    Could one of the 15 000+ tax funded dotgov spokesmen come back to us on this some time? (Now there’s a growth industry if ever there was one)

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