Business leaders unhappy with Cyril Ramaphosa's lack of major reforms

Business leaders unhappy with Cyril Ramaphosa's lack of major reforms

- Many in the business community are reportedly disappointed with Cyril Ramaphosa

- They say he has not made meaningful economic reforms

- This comes as unemployment remains high and economic growth is low

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Many South African business figures are reportedly unhappy with the lack of speed of Cyril Ramaphosa's reforms.

The business community was initially buoyed by Ramaphosa's ascent to the presidency, with many hoping that the new president would root out corruption, stimulate the economy and ensure that government ran more smoothly.

Now, some are complaining that Ramaphosa has not done enough and that the economy remains in dire straits.

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A common criticism of Ramaphosa is that he has delivered ambitious and impressive speeches, but few of these pledges have translated into real change. 

For all the talk of a so-called 'New Dawn', the economy actually shrank in the first quarter of 2019. Unemployment remains around 27%. While certain appointees to Ramaphosa's Cabinet have been welcomed, such as Finance Minister Tito Mbowni, few major economic reforms have been passed, according to Business Tech

Furthermore, out of the 28 Cabinet posts, only 6 had never served in Cabinet before, meaning that Ramaphosa's appointments were less of a New Dawn and more of a rehash of officials we've seen in office before.

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This has reportedly been viewed as a disappointment by many in the business community, has gathered. 

Figures like executive chairman of Rothschild & Co.'s South African unit, Martin Kingston, have said that the economy needs major changes and bold new ideas, not a return to unsuccessful policies from the past.

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