Business Unity South Africa (BUSA) CEO, Cas Coovadia, says the toxic mix of inefficiencies, including load shedding, has led to South Africa losing favour as an attractive investment destination.
Coovadia was addressing delegates at the Nedlac Summit in Midrand.
He says the state appears to be powerless in addressing the various crises facing the country.
“Infrastructure failures across the board led to the outbreak of Cholera in Hamaanskraal earlier this year. And then recently, the death of 77 people in one building in Johannesburg, and the seeming inability of the state to deal with this, to deal with hijacking. What should we be doing? We shouldn’t be saying that a particular law stops us from dealing with it. Follow the money, see who is getting the money for all these buildings and deal with them. We need to address these crises very quickly, all of this must challenge us to reflect deeply on our model of engagement as social partners.”
The 2022-23 Annual Nedlac report highlights various crises facing the country including low economic growth, elevated levels of inflation, high unemployment, and increasing public debt and debt servicing costs.