- Ramaphoria is coming to a slow end in South Africa, according to a new survey
- Only 67% of the chief financial officers in the country feel optimistic about the economy.
- When compared to the 89% of the first quarter of the year, it's clear there's a definite decline.
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The confidence in President Cyril Ramaphosa is slowly dying because of political unrest and financial uncertainty as well as rampant corruption.
News24 reported that the survey of the first quarter showed that almost 76% believed corruption inhibits the quality of services and goods; 66% felt that prices are rising because of corruption; and 63% believed that corruption prevents growth.
Corruption is currently President Ramaphosa's biggest enemy.
The survey was conducted by the South African Institute of Chartered Accountants, Africa Investment Advisers and Duke University.
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The research measures the opinions of chief financial officers, who are informed by their experience and education.
We as accountants and financial strategists are by nature cautious beings, so this continued and overwhelming vote of greater levels of optimism by chief financial officers over the past two quarters is all the more remarkable.
Briefly.co.za gathered that the report indicated that the political situation in South Africa greatly dampened the optimism in the country. Economic uncertainty also contributed to the negative feelings of South Africans.
Furthermore, commodity prices, unemployment and service delivery were indicated as factors that sway South Africans away from Ramaphoria.
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Source: Briefly News