Former Minister Tito Mboweni Says Basic Income Grants Are Not Going to Fix South Africa's Economy
- Tito Mboweni, South Africa's former Minister of Finance seems to have the solution to repair South Africa's economy
- Mboweni says fixing the economy would require rebuilding infrastructure which will then create employment
- Some South Africans are not impressed with Mboweni's insight and questioned why he didn't implement his plans while he was in office
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NORTH WEST - Former Minister of Finance Tito Mboweni has given some insight into what South Africa needs to do to fix the social-economic crisis and according to Mboweni, basic income grants are not the answer.
Mboweni says South Africa's economic growth will be pointless if dysfunctional municipalities are not fixed, potholes are not repaired and reliance on Eskom for power is not put to an end.
Source: Getty Images
Mboweni made these remarks while guest speaking at the PSG annual conference in Sun City on Wednesday, 4 May, reports Fin24.
During his address, Mboweni noted that South Africa was able to make a quick economic recovery following the impact of the Covid19 pandemic, however, the state of the economy is on the same levels that were seen in 2017. StatsSA reported that South Africa's economy grew by 1.2% between October 2021 and December 2021, however, Mboweni says that is not enough.
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Mboweni says South Africa's economy is in a state of stagnation and it will not be able to reach a 5% economic growth in five years because of ineffective governance.
Mboweni stated that if were the decision-maker of the country he would start by cleaning up municipalities, and fixing roads and infrastructure.
"The importance of running municipalities properly is so key," said Mboweni.
Mboweni added that investing in infrastructure would create jobs in Mzansi since the country has a serious unemployment issue. The former minister also added that he believes that the private sector should help when it comes to infrastructure.
South Africans weigh in Mboweni's plans to fix SA's economy
South Africans are not happy with the former minister's remarks about what SA needs to do to fix the economy. Some people are questioning why he did not say these things while he was still in office.
Here are some comments:
@kgotso_pedi said:
"Profound thoughts over chopping carrots. "
@LoloMhaga said:
"This man always sees Jesus and starts preaching the gospel truth when he leaves government but when in government sings for his supper"
@ilbelgicain said:
"Come back and fix it then! What did you do during your tenure mnr?"
@AndileGP1 said:
"Everyone says the ANC has great policies, I've never heard one analyst refer to their employment rate policy, even their leader is confused on what to say about jobs."
@MtutuFromMzansi said:
"For the economy of S.A to grow, ANC must step. No economy will grow under the ANC. Forget.ANC must go."
@PatrioticSouthA said:
"Stating the obvious. Tell us something we don’t know."
@2951cfb921004f2 said:
"Gov encourages lazy citizens by giving handouts, by repairing infrastructure employment will naturally occur and there will be no further need for handouts!"
Prince Mashele calls Cyril Ramaphosa SA’s worst president, Tito Mboweni weighs in
Briefly News previously reported that President Cyril Ramaphosa's presidency has been criticised by Prince Mashele, a political analyst. However, former finance minister, Tito Mboweni, took offence at Mashele's remarks and has come out in defence of the president. Mashele claimed that,
"Cyril Ramaphosa is the weakest president of SA since 1994." The analyst also compared Ramaphosa with former president Jacob Zuma and concluded that Zuma was more courageous than the current president.
Mboweni expressed disdain for Mashele's arguments, which included the analyst saying that Ramaphosa has disappointed South Africa by not fulfilling the promises he made in his presidential campaign.
Source: Briefly News
