South Africa's economy needs a big bang. Cyril Ramaphosa has yet to deliver one
SOUTH AFRICANS are growing impatient with Cyril Ramaphosa, the former union boss, anti-apartheid activist and tycoon who is now their president. In his 20 months in office, no one has been prosecuted for the looting of the state that took place under his predecessor, Jacob Zuma. In an interview within London on October 13th, Mr Ramaphosa gave a message to his critics. And it involves a rip-roaring second world war film.
Under Mr Ramaphosa there has, as yet, been little sign of improvement. GDP growth has been negative in three of the past six quarters. The official unemployment rate has grown to 29%—even higher than under his predecessor. Eskom, the state-run electricity company, has spiralling debts equivalent to 8.5% of GDP and remains insolvent and unreformed.
Another treasury priority is for municipalities to pay their electricity bills. Many currently do not. Soweto, a township on the outskirts of Johannesburg, owes Eskom about 18bn rand . Mr Ramaphosa explains that non-payment stems partly from the history of apartheid when, as a union leader, he called for rent boycotts in townships. “But now I’m saying the war is over, the struggle is over, we’ve now got to pay our way.
“I prefer win-win solutions,” says Mr Ramaphosa, “but of course there comes a time when there will be losers along the way.” What matters is to avoid “calamitous outcomes”. He believes that the skills he honed as a union leader and as one of the negotiators who ended apartheid will help him ensure that “everyone rises from the table thinking they are a winner.”
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