B4SA welcomes government intervention to rebuild economy after violent riots

In a recent interview on CNBC Africa, Martin Kingston, Chairman of the B4SA Steering Committee, discussed the government's intervention to rebuild the South African economy after the recent riots and the ongoing impact of the Covid-19 pandemic. Kingston expressed confidence in President Cyril Ramaphosa's assessment of the challenges facing the country, acknowledging the need for urgent action to address the economic fallout from the unrest in KwaZulu-Natal and Gauteng. He highlighted the importance of reprioritizing focus and implementing structural reforms quickly to support small and medium businesses, individuals, and the economy as a whole. The government's social relief packages were welcomed by the business community, with Kingston emphasizing the need for swift and effective support for uninsured businesses affected by the riots. He stressed the importance of providing immediate assistance to those without income or working capital while infrastructure is being rebuilt. The tax relief measures and adjustments announced by the President were seen as potential incentives to create jobs and support struggling businesses. However, concerns remain about the potential impact of a fourth wave of Covid-19 and the need to ramp up the vaccination program to prevent further lockdowns that could severely impact the economy. Kingston also addressed rumors of a possible cabinet reshuffle, particularly in the security cluster, highlighting the importance of holding accountable those responsible for the country's preparedness and response to the recent unrest. Overall, he emphasized the urgency of implementing reforms, filling vacancies in the cabinet, and improving security measures to restore investor confidence and drive economic recovery in South Africa.