Malema takes on Ramaphosa, Mboweni: SA's economy is not growing

Malema takes on Ramaphosa, Mboweni: SA's economy is not growing

- EFF leader Julius Malema says SA's economy is headed in the wrong direction

- The Red Beret boss claimed that current leadership is ignoring the situation

- Finance Minister Tito Mboweni was accused of not taking the correct steps to rectify the situation

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Economic Freedom Fighter leader Julius Malema has claimed South Africa's economy is headed in the wrong direction.

Speaking at the Black Business Council Summit, Malema claimed that this has gone on for years now:

"The economy is not growing, instead it is going in the opposite direction and this has been the reality for many years now. There are those who are in denial about this reality. According to the StatsSA figures released on Tuesday, we are in a recession, not in a technical recession." reported that President Cyril Ramaphosa had listed load-shedding, a dip in consumer confidence and an agricultural slump for the poor growth displayed.

READ ALSO: President Ramaphosa: South Africa is spending more than its earning

However, Malema wasn't about to allow him off the hook for the poor performance of the economy:

"This is the third recession since 1994 and we have had two of these recessions under the New Dawn with investment summits and investment pledges. All the sectors that are supposed to form the core of industrial policies suffered negative growth, manufacturing electricity, gas, water transport, communication, agriculture and trade. Even the government suffered a negative growth of 0.4%."

Finance Minister Tito Mboweni also earned a scathing lashing from Malema, who commented:

"Those who are responsible for growing the economy are living in their own bubble of hallucination and ignorance. The Minister of Finance says we have a strong economy and we will bounce back. The governor of the Reserve Bank must listen to the Minister of Finance to avoid crisis, but the reality is that we can't listen to ministers who say nothing."

Malema pointed out that the nation's fleet of state-owned entities is also in a pitiful state:

"The state-owned enterprises are even in a much deeper crisis Eskom, Denel, Transnet, PRASA, SABC and the list goes on. Eskom is a serious and bigger threat to the fiscus and the South African economy. The collapse of Eskom will lead to an unimaginable collapse of all of us in this country."

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