10-point plan to fix South Africa – it’s not rocket science (by Magda Wierzycka)

Fixing South Africa is not rocket science.

So said Sygnia Asset Management’s activist CEO Magda Wierzycka in an article on Monday.

Wierzycka presented a simple, 10-point plan to get the country back on track:

  • Fix state-owned enterprises by appointing strong boards of directors to restore corporate governance and sound financial management.

  • Appoint a competent Minister of Finance who has international credibility to stave of credit rating agencies and attract foreign investment.

  • Rein in public sector wages, which are out of control and far above inflation.

  • Restore law and order in South Africa by replacing the heads of the Hawks, the National Prosecuting Authority and the South African Police Service.

  • Hand in hand with that comes restoring business and consumer confidence by taking strong action against corruption and state capture.

  • Design a growth plan for South Africa that makes sense.

  • Eliminate the use of scary slogans such as “land appropriation without compensation” and “radical economic transformation” designed to divert attention from the real problem facing South Africa, namely a dysfunctional government.

  • Providing quick, free, skills-based education to create plumbers, builders and electricians and to absorb the generation of unemployable youth.

  • Bring trade unions, business and government together to thrash out how to solve South Africa’s greatest problem of inequality and poverty.

  • Get energy supply back on track, focus on renewable energy rather than unaffordable nuclear energy.

The Money Show’s Bruce Whitfield interviewed Wierzycka, asking her about her 10-point plan.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

My plan would restore confidence very quickly, and growth shortly thereafter.

Magda Wierzycka, Sygnia Asset Management

Many of our economic problems are caused by politics.

Magda Wierzycka, Sygnia Asset Management

He [Malusi Gigaba] didn’t have a single suggestion on how to fix South Africa’s problems.

Magda Wierzycka, Sygnia Asset Management

Government hasn’t complied with the framework set in place by the old National Treasury… it’s almost guaranteed that we’ll get a ratings downgrade…

Magda Wierzycka, Sygnia Asset Management

Youth unemployment in South Africa is at 64%.

Magda Wierzycka, Sygnia Asset Management

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