South African President Ramaposa lutes women at the 3rd Annual summit for the economic investment, 18 November 2020.
According to President Ramaposa, “Women are key players in full participation and contribution of South African economic activities, and during the lockdown the country has faced bad experience in GBV towards females and the results hindered the economy progress”. Furthermore, the president emphasized that the country has created a strategy for women protection, especially on the GBV issues. The country is prepared to offer effective supply and production chains to business women mostly operating in private sectors, and educate the girl child for entrepreneurship and business investment.
“When you educate a women, you educate the nation”
Currently, the country is dealing with massive debt problems, unemployment, and lack of tourist support. With no big comparison to the South African economy, the country should host an economic emergency summit to re-strategize economic revival plan. In doing so, the government should consider reforming the following economic aspects in order to function effectively I the best interest to sustain the economy:
Individuals this year twisted back yard to home gardens, and the country started relying on its own production, hence the increment in the agriculture contribution on GDP. Good fiscal advice would be creating a strategy on creating more smart agriculture projects to yield more production for human consumption and exports. This will surely be an asset and a long-term investment towards economic growth. So far, Agri bank played its role in creating a scheme for affordable loans for women and youth.
As a country we cannot merely survive by producing grain, soya beans and yellow maize, rather educate rural agriculturists to maximize land usage for a dynamic production, and self-employment.
It is no rocket since that a good economic foundation falls on employment. Depriving youth of jobs will succumb the economy movement, predominantly tax aids in public facilities to function effectively. Unfortunately the government rather saves money than employ youth to secure revenues. Graduates cannot be all self-employed.
The picture displayed this year by COVID-19 is that the country cannot rely on tourism and exports alone for sustainable growth, but internal induced-growth need to be devised and implemented. Moreover, European countries are experiencing a second of COVID-19 cases which will set the tourism sector back to square one. This should scream volume on local based tourism revival strategy.
Marketing domestic tourism should be enhanced at country level but not limit to resorts or participants. Still, the local purchasing power could be a barrier, as the locals complains are that resorts are too expensive. Calling for a review and assessment of the pricing of accommodations or resorts should be based on local’s disposable income, rather than the European travelers and find an optimum pricing that will sustain the industry.
In the long term it will be a step to de-risk the country from its dependence on foreign European travelers. Additionally, this will help companies stay afloat, as international travels resume, which nobody knows when and sustain a level of employment which the country desperately needs.