The African National Congress (ANC) has urged government to move with speed in implementing an economic recovery package.
This is after Tuesday’s announcement by Statistics SA that South Africa had slipped into a technical recession.
The governing party has proposed a number of policy interventions, including tax credits for companies that invest in sustainable job creation; utilising government’s procurement muscle to localise industries; reducing regulatory red tape; and investing in massive projects such as roads infrastructure.
Chairperson of the ANC’s sub-committee on economic transformation Enoch Godongwana, says the ANC reiterates the call it made at the Lekgotla in July.
“The ANC-led government must take immediate, concrete and bold steps to lift the rate of growth and its inclusivity by activating macro-economic policy tools, institutional efficiencies and specific sector interventions as central instruments to mitigate the effects of a contraction in economic activity.”
“This requires that there be a significant difference in the aggressiveness and approach through which recovery measures are implemented by government. Specifically, the ‘stimulus package’ must be activated immediately,” says Godongwana.
WATCH RELATED VIDEOS BELOW:
