By Rachel Mohamed
The business community has called on both the ANC and the DA to “stay the course” and uphold the Government of National Unity (GNU), following a public disagreement over the Budget Vote. This comes after President Cyril Ramaphosa, in response to a letter from the business sector, stated over the weekend that the ANC would not be swayed by what “business says.”
Speaking on VOC’s News Beat show, Khulekani Mathe, CEO of Business Unity South Africa (BUSA), clarified the organisation’s stance: “On the contrary, we are not caught in the midst of the political storm.”
Mathe stressed the importance of understanding the economic factors behind South Africa’s current fiscal challenges. He explained that the country’s budget has long been imbalanced—planned expenditure has outpaced revenue, ultimately requiring increases in taxation.
“For over a decade, the South African economy has failed to achieve the necessary levels of growth. During that time, government borrowing was used to plug budget gaps. We’ve now reached a point where borrowing further is no longer sustainable, which is why tax hikes have become unavoidable,” Mathe said.
He added, “From a business perspective, our focus is on reigniting economic growth. We are not interested in interfering with politics—that is not our role. However, we do have a vested interest in the economy, as it directly impacts our ability to operate and contribute to national development.”
Listen for the full interview:
VOC News
Photo: Pixabay
