Business News: Ramaphosa reveals 'fake' goods are costing SA millions

Business News: Ramaphosa reveals 'fake' goods are costing SA millions

- South Africa's economy is baulking at the task of encouraging growth in the country

- President Cyril Ramaphosa has revealed that illicit counterfeit items have been strangling the economy

- Ramaphosa has encouraged citizens to buy local, calling on the government to do the same

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President Cyril Ramaphosa has revealed that illicit goods have cost South Africa R1 billion between July and September this year alone, reports Business Live.

Ramaphosa says that counterfeit goods are currently strangling the economy, destroying jobs in the process.

Briefly.co.za reported that numerous raids had targeted vendors of such items, with the South African Police Service uncovering countless 'fake' goods.

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READ ALSO: Rolex, Louis Vuitton, Kors: Joburg cops raid Dragon City market

The most recent raid was carried out in the Dragon City Market in Gauteng, with high-end products like Louis Vuitton and Rolex confiscated and perpetrators arrested.

The United States of America has been at odds with China, seemingly the largest producer of counterfeit products, over cheap imports.

Finance Minister Tito Mboweni has called for a quick resolution to the tension between the two largest economies in the world:

“The issue of trade tension is a very important one for us ... the message must get through especially to those in Washington that the trade war is not helpful to us or to the global economy. The quicker these issues are dealt with, the better.”

The first attempt for police to raid shops owned by foreign nationals, suspected of housing fake items, had been met with hostility in Johannesburg.

This had prompted the police to return once more with reinforcements, with hundreds of illegal immigrants arrested in the process.

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Source: Briefly.co.za

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