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South African economy in significant distress

Story from: CAJ News Africa

Alastair Macduff.

Alastair Macduff. Chairman and Chief Executive Officer of the TMA

By AKANI CHAUKE
JOHANNESBURG, (CAJ News) – SOUTH African businesses’ confidence is at an all-time low owing to political uncertainty, poor economic performance, policy confusion and a general lack of leadership and many South African businesses are in distress.
This is according to the Turnaround Management Association (TMA) in the wake of prevailing economic and political problems in Africa’s most advanced economy.
“Businesses are feeling the impact of low investor confidence, weakening exchange rates and high fiscal uncertainty,” said Alastair, Chairman and Chief Executive Officer of the TMA – Southern Africa (TMA-SA).
“Restoring investor, business and consumer confidence will require a concerted effort to address these pressing issues – and address them in the best interests of the country as a whole.”
He said stakeholders must focus on the existing unemployment problem which must be seen as a priority locally.
Investor friendly policy amendments and structures to mitigate confusion around the Mining Charter, energy policy and dealing with state-owned enterprise debt are also major challenges that require urgent attention.
Macduff nonetheless retained hopes of a revival.
“The good news however is that South Africa has a relatively open economy and a resilient business resolve.”
TMA-SA will be hosting their inaugural National Turnaround Conference in October.
The event aims to ignite a conversation around the role of turnarounds, corporate renewal, distressed funding and corporate governance.
Gregory Fine, CEO of TMA Global based in Chicago, will be the keynote speaker.
CAJ News

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