{"id":683067,"date":"2023-04-25T16:32:34","date_gmt":"2023-04-25T14:32:34","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=683067"},"modified":"2023-04-25T16:32:34","modified_gmt":"2023-04-25T14:32:34","slug":"south-africa-running-on-borrowed-time-at-risk-of-becoming-a-failed-state-top-exec","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business-opinion\/683067\/south-africa-running-on-borrowed-time-at-risk-of-becoming-a-failed-state-top-exec\/","title":{"rendered":"South Africa running on borrowed time &#8211; at risk of becoming a failed state: top exec"},"content":{"rendered":"<p>The chorus of business executives warning South Africa to revive economic growth or risk becoming a failed state is getting louder.<\/p>\n<p>The continent\u2019s most-industrialized nation needs strong and decisive leadership to foster public-private partnerships and address high unemployment, poverty and inequality, ex-central banker and former head of the Presidential Climate Finance Task Team Daniel Mminele said at an event on Tuesday.<\/p>\n<p>Mminele, chairman-designate of Nedbank Group Ltd., joins MTN Group Ltd.\u2019s Chief Executive Officer Ralph Mupita in warning against complacency.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"ee7KvZRJQQ\"><p><a href=\"https:\/\/businesstech.co.za\/news\/business-opinion\/672153\/south-africa-at-risk-of-becoming-a-failed-state\/\">South Africa risks becoming a failed state<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;South Africa risks becoming a failed state&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/business-opinion\/672153\/south-africa-at-risk-of-becoming-a-failed-state\/embed\/#?secret=jyErDm1scT#?secret=ee7KvZRJQQ\" data-secret=\"ee7KvZRJQQ\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>South Africa has an unemployment rate of 32.7%, one of the highest globally, according to the International Monetary fund, and is suffering from an energy crisis, which is increasing costs for companies. That\u2019s making it difficult to create jobs needed to reduce poverty and inequality.<\/p>\n<p>The country needs a \u201chigher sense of urgency in tackling these issues and much stronger implementation frameworks and stronger accountability frameworks,\u201d Mminele said. \u201cOtherwise, we are indeed, as many have said, running the risk of becoming a failed state because we\u2019re already on borrowed time.\u201d<\/p>\n<p>The nation is also struggling to resolve the power crisis as the state-owned Eskom Holdings SOC Ltd. implements record blackouts, affecting businesses and productivity. The South African Reserve Bank cut its economic growth outlook for 2023 to 0.2%, while the IMF expects just 0.1% GDP expansion.<\/p>\n<p>\u201cI don\u2019t think it\u2019s too late to fix what we need, but it just means us re-committing ourselves and redoubling our efforts,\u201d he said.<\/p>\n<p>Mminele was appointed as the CEO of Absa Group Ltd. after he resigned as the deputy governor at the SARB.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"VT9ecDYDJv\"><p><a href=\"https:\/\/businesstech.co.za\/news\/business-opinion\/676011\/another-warning-that-south-africa-is-at-risk-of-becoming-a-failed-state\/\">Another warning that South Africa is at risk of becoming a failed state<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Another warning that South Africa is at risk of becoming a failed state&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/business-opinion\/676011\/another-warning-that-south-africa-is-at-risk-of-becoming-a-failed-state\/embed\/#?secret=ss8fyq1hnr#?secret=VT9ecDYDJv\" data-secret=\"VT9ecDYDJv\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/business-opinion\/683027\/perfect-storm-sweeping-through-south-africa\/\" rel=\"bookmark\">Perfect storm sweeping through South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Another top executive in South Africa is sounding the alarm over the country&#8217;s current state of affairs.<\/p>\n","protected":false},"author":59,"featured_media":484513,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[26],"class_list":["post-683067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-opinion","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/683067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=683067"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/683067\/revisions"}],"predecessor-version":[{"id":683069,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/683067\/revisions\/683069"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/484513"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=683067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=683067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=683067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}