Thabo Mbeki calls on the government to fix the economy instead of relying on foreign loans

Former President Thabo Mbeki has called on the government to fix the economy instead of relying on foreign loans to keep the country going. He says it is possible to develop South Africa’s economy if people can stop stealing public funds.

Mbeki was engaging with students and diplomats at the University of South Africa (Unisa) in Pretoria on Wednesday. He has also lamented the skyrocketing level of unemployment.

Former President Thabo Mbeki is of the view that South Africa is nowhere near eradicating the legacy of colonialism and apartheid. Mbeki shared these sentiments while he was engaging with students and diplomats at the University of South Africa (UNISA) in Pretoria. #sabcnews

— SAfm news (@SAfmnews) September 21, 2022

“They are talking of monies that are worth more than R10 trillion. But is it a huge sum of money that is available. We don’t need to go to World Bank or out of the country or anywhere. It’s possible to focus on the matter of the recovery of the economy. It comes back to the question of leadership,” says the former president.

Former President, Thabo Mbeki says challenges of the economy, politics, peace and global security among others, can be resolved through good leadership. Mbeki was engaging with students and diplomats at the University of South Africa (UNISA) in Pretoria. #sabcnews

— SAfm news (@SAfmnews) September 21, 2022

“Even to reduce the number of our people who are on social grants. What it means (is that) there are so millions of us who don’t have jobs. That’s why they have to depend on grants. You can’t boast about that,” he adds.

Furthermore, the former president says a wealth tax in South Africa would only succeed if it’s properly implemented. He says in principle there is nothing wrong with such an idea.

However, he has warned that such a decision should not be rushed.

“If necessary calculations are done, how much work would have to be done in order to collect it, and its implications for administering that tax? It’s a larger social impact. If those entire things are done and it’s agreed that there should be a wealth tax, in principle I don’t think there is any problem with it, but again, we come to the question (that keeps) araising that it requires thinking and proper calculation and you take a decision like that. But in principle, there is nothing wrong with a wealth tax,” says Mbeki.

Former President Thabo Mbeki engaged students from different countries and diplomats at Unisa