Hope in a time of uncertainty
The Eastern Gauteng Chamber of Commerce and Industry held its 107th AGM last Thursday.
The sound of quiet chatter greets one when ushered behind the walls of Riverside Country Estate for the Eastern Gauteng Chamber of Commerce and Industry’s 107th AGM.
The event started with a lecture from Professor Raymond Parsons from the North West University Business School.
His lecture mainly centred on the uncertainty SA faces.
“The cross-currents are not easy to unpack, but we must do our best to unpack them.”
He added that a certain resilience is needed because the country is a small but open economy.
“We need to create buffers and establish some form of control. We must ask ourselves what we can do or assess so our problems are in our tailwinds, not our headwinds.”
Parsons says particular focus gets put on certain macro elements, mainly growth, inflation, economics and issues impacting our performance as a country.
“SA’s performance has been below par as of late.”
He attributes this to the progress the country experiences being below the population growth. “We need at least a 3% growth margin to yield positive gains.”
Parsons also says the country must tackle youth unemployment. It sits at about 60%. He emphasised inflation as a severe economic problem and mentioned some factors affecting our interest rate.
How did we get here?
“Our failure to keep the lights on, which is our Achilles heel, the rising crime levels, which impact business and consumer perceptions, Transnet and its hampering on our economic performance, and not knowing what the government will do next.”
He says all of these factors create policy uncertainty and, over time, nervous investors.
What has happened so far?
Parsons said they discussed business unity in SA and how they would deal with the impending economic crisis.
The main focus points, dubbed the economic checklist, are energy, logistics, crime and corruption.
“This isn’t a job for one person. We must mobilise several CEOs who will be the champions of change.”
Parsons, however, cautions that by the time we find a solution, it might not be enough.
“The economy after Covid bottomed out, and until last year, we had nearly escaped a technical recession.”
He said the country is experiencing phenomena where we are recovering unevenly.
“We might get worse before we get better.”
What are the underlying messages?
Parsons says when elections come, economic and policy uncertainty arises.
“Coincidently, when we look around the world, there are about 50 elections taking place, so uncertainty is global.”
He references the events that create economic hesitation in the South African sphere.
“For the first time in 30 years, the ruling government, the ANC, has fallen below 50% majority, creating uncertainty because the country has never experienced that before. We need to learn and adapt to being a government of coalitions.”
What is the task of business?
Parsons emphasises the need for close collaboration as he concludes the lecture with the local businesses in attendance.
“It’s clear there are ways businesses can help to minimise uncertainty.”
Parsons says there is a need for organised business in SA, mainly through the use of local chambers, especially in the sphere of the upcoming elections.
“If you want a voice, you must be organised.”
He ended the lecture by noting the unique circumstances surrounding this year’s AGM.
“This evening might seem like another AGM, but it is of different circumstances, and these conditions should pose as a challenge to bring about a real change.”
During the Q&A session, member and auditor of the chamber, Peter Thompson, rose to impart some encouraging words to the audience.
“I was born in Springs, but I don’t live in Springs, and I find that sad. This town was a great place, and I loved growing up here. It used to be, but it is no longer a wonderful place to be in,” he reminisced.
Thompson did not speak for long, but his message carried a heavy silence, where those attending sat in quiet agreement as he spoke of making Springs work for the betterment of its businesses and residents again.
“All of us in this place must learn to live with each other.”
The president’s report
Pravin Naidoo delivered his final report of his tenure when he ushered in new leadership, making several honorary mentions to members who had contributed positively to the chamber and those around them.
“To counsellors Mike du Toit and Thulani Simelane, I extend special thanks. These two have sacrificed their time to ensure the residents of their wards are taken care of. They come from different ideologies and political parties, and yet they stand shoulder to shoulder to bring about a change to Springs,” lauds Naidoo.
He handed the reins to the manager of the chamber, Barbara Anne-Day, to announce the new leadership.
The new leadership structure for the chamber is:
- President: Dr Roney Ndala
- Vice-president: Richard Miller
- Past president: Pravin Naidoo.
