'Everything Ramaphosa has done on the economy has not worked'

Centre for Economic Development & Transformation's economist and director Duma Gqubule says everything that President Cyril Ramaphosa has done for the economy since last year has not worked.

Ramaphosa is set to present his 2019 State of the Nation Address (Sona) on Thursday night with a lot of expectations surrounding the economy, including job creation.

Giving his take on Ramaphosa's work so far, Gqubule says South Africa is sitting with a massive crisis.

Everything that the president has done on the economy has not worked. We have had five quarters since the beginning of last year and three of them have been declining.

Duma Gqubule, Economist and director - Centre for Economic Development & Transformation

Our unemployment rate now is about 42% for black Africans, 46% for black African women and 48% in the Eastern Cape. We are sitting with a massive crisis, our state owned enterprises are collapsing.

Duma Gqubule, Economist and director - Centre for Economic Development & Transformation

We need a decisive shift from what is the current policies of the government.

Duma Gqubule, Economist and director - Centre for Economic Development & Transformation

Gqubule says a fiscal stimulus is needed of about R500bn and a monetary stimulus with a different kind of Reserve Bank.

We need a different kind of Reserve Bank that is going to have compassion towards the suffering of millions of South Africans and start cutting interest rates aggressively.

Duma Gqubule, Economist and director - Centre for Economic Development & Transformation

We cannot continue like this, at some point you have to bite the bullet and make the tough decisions.

Duma Gqubule, Economist and director - Centre for Economic Development & Transformation

Click on the link below to hear more from Gqubule....


Recommended

by NEWSROOM AI
Read More
Right to Sight pleads for more donations to conduct cataract surgeries

Right to Sight pleads for more donations to conduct cataract surgeries

Right to Sight trustee Dr Matt Young says they get donations at the most time but now need big sponsors.

Remains of Cato Manor 9 returned on anniversary of their hanging

Remains of Cato Manor 9 returned on anniversary of their hanging

The Cato Manor 9 were hanged in 1961 by the apartheid after taking part in an uprising on 24 January 1960.

Festive season fatal crashes reduced by 3% as motorists heed safety calls

Festive season fatal crashes reduced by 3% as motorists heed safety calls

Eyewitness News reporter Kgomotso Modise gives a summary of the 2019/2020 road safety report.

Parktown Boys' High parent wants SGB, affected teachers and management charged

Parktown Boys' High parent wants SGB, affected teachers and management charged

The parent says the code of silence needs to be dismantled as boys who open their mouths are victimised and removed.

Callers detail how Northview High School learner died at Nyathi lodge in 1999

Callers detail how Northview High School learner died at Nyathi lodge in 1999

Lesego and Boitumelo detail in graphic detail how their schoolmate Portia died at the lodge while on a school trip.

Telkom meets unions over mass retrenchments

Telkom meets unions over mass retrenchments

Solidarity strategic specialist Morné Malan says the process is still continuing and very little progress has been made.

Popular articles
Fitness was a career that chose me - meet 'Queen Fitnass'

Fitness was a career that chose me - meet 'Queen Fitnass'

Mapule Ndhlovu opens up about her life journey and how exercise changed not only her body, but her mindset for the better.

EFF issues one-line apology to journos after court order

EFF issues one-line apology to journos after court order

Anton Harber and Thandeka Gqubule won their defamation case over Mbuyiseni Ndlozi's party statement implying links to Stratcom.

Ugandan climate activist accuses media of racism after Davos photo crop

Ugandan climate activist accuses media of racism after Davos photo crop

WEF youth climate delegate Vanessa Nakate was cropped out of a group pic with her white peers, also featuring Greta Thunberg.

Letting go of your child who's headed for university and independence

Letting go of your child who's headed for university and independence

Nikki Bush has valuable tips on preparing not only your school-leaver but yourself for the journey into adulthood ahead.

Right to Sight pleads for more donations to conduct cataract surgeries

Right to Sight pleads for more donations to conduct cataract surgeries

Right to Sight trustee Dr Matt Young says they get donations at the most time but now need big sponsors.

Remains of Cato Manor 9 returned on anniversary of their hanging

Remains of Cato Manor 9 returned on anniversary of their hanging

The Cato Manor 9 were hanged in 1961 by the apartheid after taking part in an uprising on 24 January 1960.

Zakes Bantwini opens up about his latest single 'Amanga'

Zakes Bantwini opens up about his latest single 'Amanga'

The musician says he never writes songs about his personal life but this latest single is too personal for him.

Unisa extends registration deadline in the wake of union protests

Unisa extends registration deadline in the wake of union protests

Unisa acting director of communications Lusani Netshitomboni says they encourage students to register online.

Jacques Nienaber confirmed as new Springboks head coach

Jacques Nienaber confirmed as new Springboks head coach

Mzwandile Stick has been reappointed as an assistant coach while in an innovative inclusion, Felix Jones will continue but in a new role as a European-based coaching consultant.

Statistics show decline in mining fatalities

Statistics show decline in mining fatalities

Department of Minerals and Energy chief inspector of mine David Msiza says more needs to be done.