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SA business confidence drops to pre-Ramaphosa levels

Business confidence reached a more than two-year high in January.

South African business confidence has declined to levels last seen when Jacob Zuma was still the president.

The index dropped to 96 in April from 97.6 the previous month, the South African Chamber of Commerce and Industry said in an emailed statement Wednesday. That’s the lowest since November. Five of the 13 sub-indexes that make up the gauge declined from month earlier.

Business confidence reached a more than two-year high in January as Cyril Ramaphosa’s ascent to power initially boosted sentiment and the rand following Zuma’s scandal-ridden tenure of almost nine years. The currency has now lost 4% against the dollar since reaching a three-year high in February after Ramaphosa changed the cabinet and removed some ministers seen as loyal to Zuma and who are implicated in graft allegations.

South Africa’s credit ratings were cut to junk last year and the economy hasn’t expanded at more than 2% since 2013. Ramaphosa has pledged to revive economic growth and fight corruption and he has overhauled the board of the state-owned utility Eskom and removed the head of the nation’s revenue service, Tom Moyane.

The nation’s leadership “has a mammoth task to restore the South African economy to its full potential that was rudely interrupted over the last number of years,” the chamber said. While steps to address maladministration and corruption has been incisive “a simultaneous phase of the restoration process has to address the revival of economic growth and employment opportunities,” it said.

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Ja no well fine – Who in his right mind will invest even 1 dollar into this chaotic country??

If you want to start a business it will cost you 50c to get started (Bribe and licence money) and then after you have started you have to employ only incompetents!!

If you are so lucky to make a profit then you pay at least 30% to taxes and have to pay for services such as security etc which is not required in most civilized countries.

And the governingmunts have the gall to ask for more foreign investment!!!

Hey – wake up !!! Communism died with the fall of the Berlin wall -You cannot even build such a thing!!!!!

All very true for us who live here and know but I wish sly Cyril would find some suckers. I note he’s sent his beggars to predominantly “white” countries – do they know they will be prejudiced by affirmative actions laws and expropriation of property?

I want some suckers who will buy into investing in SA and improve the ront:USD so I can get some cash out at “reasonable” rates. C’mon bleeding heart believers in Africa rising; put money where mouth is. Fat chance but here’s hoping.

no surprises here. Cyril is not to be trusted.
only suckers believe African politicians .
Cyril open those ears of yours and listen to SA business. cut red tape ,abolish AA and
BE , and do’nt flip flop on policy.
blah blah blah

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