The upcoming Africities Summit provides an opportunity for African states to engage with the challenges they face on their own terms.
We have inherited a capitalist system, but refuse to manage it. We have purposefully chosen to be a mixed economy, but are enacting laws and regulations which stifle and marginalise the role that business could potentially play in ensuring our international competitiveness. In the words of James C Penney, “Growth is never by mere chance; it is the result of forces working together.”
Recent news was that our country’s economy experienced a contraction in the Gross Domestic Product (GDP), to 1.3% against a projected 3% to 5%. The downturn was caused by the decline in Chinese equities, concomitant with a nose-dive of the currency to R14 against the US dollar.