These are the three obsessions that Mcebisi Jonas says SA needs
BL
SA should be “obsessed” with constructing a stronger and less corrupt government, Deputy Finance Minister Mcebisi Jonas said on Tuesday.
This was one of three “obsessions” he said South Africans should have.
“We need that all South Africans will die and stand for a few things,” Jonas told the Association of Black Securities and Investment Professionals (ABSIP) conference in Sandton.
Another focus should be on renewed and inclusive growth.
“Part of the new national obsessions that we need to build is an obsessions towards renewed growth, inclusive growth as well as vigorous industrialisation, and reduce the constraints that prevent us from growth,” Jonas said.
“The second national obsession should be [with] constructing a government that is stronger, more capable and less corrupt.”
The third obsession should be education and skills development, which was needed in order to satisfy the first two obsessions.
Jonas said, however, that spending on education was already very high and probably needed to be more focused on quality.
He said the country had long lists of objectives but it needed to be more focused.
“We have lost national obsessions. We are a country with no national obsessions.”
Reuters quoted Jonas as saying SA’s borrowing costs would likely “double or triple” if ratings agencies downgrade the country’s debt to subinvestment grade.
Jonas said debt servicing costs were the fastest-growing item in October’s medium-term budget and, along with low growth, would force the government to cut welfare spending.
S&P Global Ratings and Fitch both rate SA’s debt on the lowest investment grade level and are due to give their next reviews in December.