In his weekly letter to the nation, President Cyril Ramaphosa reiterated that “no price can be put on human life”.
Speaking to the economic devastation that is following in the wake of the Covid-19 pandemic and the resultant lockdowns, the president acknowledged that there “are tough times ahead”.
The president also touched on the large number of retrenchments that have begun in the formal sector, as well as the plight of small businesses who have been hit particularly hard.
He said while there are no quick-fixes, the country needs to be realistic about our prospects, especially about the time it will take for the economy to recover.
“At the same time we remain optimistic,” he added, saying “We will keep trying because we understand that despite the hardship it has caused, the lockdown was necessary and has saved lives. No price can be put on human life”.
Top takeouts:
- The predictions of businesses shutting down and jobs being lost are materialising.
- Retrenchments and business closures increasing.
- The lockdown was critical to saving lives.
- Job losses are an international phenomenon now.
- Difficult decisions lie ahead regarding government expenditure.
- Relief measures implemented by the government can only go so far.
You can read the letter in full below:
Dear Fellow South African,
More than 100 days after the outbreak of the coronavirus pandemic in South Africa and after two months of a nation-wide lockdown, our economy is in the throes of the anticipated fallout from this global crisis. The predictions of businesses shutting down and jobs being lost are materialising.
Last week a number of companies announced plans to retrench staff. From aviation to construction, from entertainment and leisure to hospitality, companies have indicated their intention to retrench staff because of heavy losses incurred over the past three months. In other cases, businesses are closing permanently. Small businesses whose turnover has been wiped out will be even harder hit.
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