‘Business to feel pinch as interest rate rises again’: The latest interest rate hike of 50 basis points has not gone down well with businesspeople, who say it is going to destroy businesses and jobs.
The South African Chamber of Commerce and Industry chief executive Alan Mukoki said the Reserve Bank’s decision to raise the cost of credit would result in people having less disposable income and many are no longer going to be able to afford to buy houses and cars and bare necessities.
A prominent entrepreneur who runs shopping centres and other types of businesses across the country, said the rising interest rates were affecting his businesses as well hitting his tenants hard. He did not want to be identified for commercial reasons. “Anyway, I am trying to be okay, I am soldiering on under difficult circumstances. These interest rate hikes are even difficult on those who have made it in life. Life is such that when you borrow in hundreds you suffer in hundreds. When you borrow in billions you suffer in billions. There is no way you can run from the interest rate hikes,” he said.
The entrepreneur said the country should instead focus on infrastructure development projects and creating jobs.
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