President Cyril Ramaphosa has lost the confidence of a key constituency.
Five years after ushering in a wave of business optimism that he’d revive an economy hobbled by industrial-scale corruption under his predecessor, executives are running out of patience with the 70-year-old leader.
Business leaders raised concerns about issues affecting their constituents in their discussions with Mashatile, the presidency said in a statement after the meeting on Friday night. Opposition parties level manifold accusations against Ramaphosa: He oversees a bloated executive that includes several ministers who’ve proven inept or corrupt, but are retained because of their political sway; he consults endlessly on policies, many of which are misguided or never implemented, and fails to act decisively; and he’s placed South Africa’s trade relations with the US and European Union at risk by forging closer ties with Russia and refusing to condemn its invasion of Ukraine.
MTN Group Ltd. Chief Executive Officer Ralph Mupita and Nedbank Group Ltd. Chairman-designate Daniel Mminele have both warned that South Africa risks becoming a failed state unless its myriad problems are addressed. While most executives have steered clear of openly calling for Ramaphosa to go, that option is increasingly being discussed in business circles.
Discontent has manifested in dozens of violent protests, the worst of which erupted in July 2021, when 354 people died and thousands of businesses were looted and destroyed. He was appointed the nation’s president after the ANC forced Jacob Zuma to step down after a tumultuous nine years in office, during which key state institutions were hollowed out and the government estimates at least 500 billion rand of taxpayer funds were stolen.
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