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By Siyabonga Mkhwanazi 
4h ago
Johannesburg – President Cyril Ramaphosa is facing mounting pressure to fix the country’s ailing economy ahead of his special speech to Parliament on Thursday where he will present the economic recovery plan.
But economists and political parties warned yesterday that the country does not need a new plan, since it already has many policies that the government must implement.
The Cabinet will meet on Wednesday to finalize the plan before Ramaphosa announces it in Parliament the following day.
Mike Schussler, chief economist at Economist.co.za, said there was no need for a new plan.
He argued that the government would have to cut spending and stop living beyond its means.
“We don’t need any more plans. We have plans, we have to implement them, ”said Schussler.
He added: “We have to control spending because we don’t have the tax base. We do not have money to save all the SOEs (state entity), we do not have money for that. We have to think about every penny we spend. The government must stop spending, it has to live within its means ”.
The DA, IFP and UDM also weighed in on the matter and called on Ramaphosa to enact existing plans.
DA MP Geordin Hill-Lewis agreed saying the country does not need any additional plans to revive the economy.
“The problem is that we don’t need more plans. We don’t need plans, “he said.
“The issue is clarity within the ANC. The ANC cannot agree on economic plans like state companies, mining and spectrum. The ANC cannot agree on economic reforms. Genuine political will would lead to do these things, “he said.
IFP head whip Narend Singh said they don’t want to hear the same old Ramaphosa song that companies will create more jobs.
“If we want to see an economic recovery, it is to see how people on the street have income in their pockets,” he said, adding that this would be achieved by expanding the safety net.
“I don’t think any industry cuts the unemployment rate in half. We need to create the safety net so that the money is relocated into the economy, ”Singh said.
UDM leader Bantu Holomisa said the plan should not be based on a crisis.
“I am skeptical about a policy built on a crisis, there will not be a complete plan. That’s where the looting will take place, ”said Holomisa.
He said he wasn’t expecting much because it was the same story. He said the government should extend infrastructure plans to rural provinces.
Independent Sunday
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