CEO of Business Leadership South Africa, Bonang Mohale says the 2019 Budget Speech hit the right notes for the industry, scoring Finance Minister Tito Mboweni 85%.
He says Mboweni did well, considering the fact that this is an election year and that the country is in a bad economic state.
The last ten years were not only wasted, but they took us back twenty years.— Bonang Mohale, CEO - Business Leadership South Africa
What the minister of finance was trying to do was to stimulate economic growth because we are lagging behind other countries in the world. We are absolutely at the bottom of those entities.— Bonang Mohale, CEO - Business Leadership South Africa
He was also trying to reduce the total size of the debt. Debt is running away with us precisely as a result of the last ten years. We were spending money as if government has endless and limitless resources.— Bonang Mohale, CEO - Business Leadership South Africa
What we love about this budget is that it is consistent with the policy framework that was set out by the president in the State of the Nation Address. It is also consistent with the five commitments that we made when we went to Davos.— Bonang Mohale, CEO - Business Leadership South Africa
The last ten years were disastrous and catastrophic— Bonang Mohale, CEO - Business Leadership South Africa
He says this was because China received the biggest tender in locomotives from government. It should rather have been awarded to Union Carriage, a world-renowned locomotives manufacturer based in Gauteng, he adds.
These actions were a result of those wanting to steal from the State, says Mohale.
By that act alone we killed Scaw Metals by ensuring that we continue with the project of state capture, corruption, stealing and cheating and we now have limited government fiscal flexibility. There is no money, therefore, Tito had to do with less than R1.3trillion to stimulate economic growth.— Bonang Mohale, CEO - Business Leadership South Africa
To hear the rest of the conversation with Bonang Mohale, listen below:
This article first appeared on CapeTalk : The last ten years were disastrous and catastrophic - Bonang Mohale