S.Africa’s National Development Plan needs to be implemented now: Kosseff - CNBC Africa

S.Africa’s National Development Plan needs to be implemented now: Kosseff

Southern Africa

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“The NDP is a good step in a very good direction for us as a society and if we achieve it, it will take South Africa forward many years,” Kosseff, Chief Executive Officer of the Investec group told CNBC Africa on Monday.

This was in response to a speech that the African National Congress’s deputy president, Cyril Ramaphosa, made at the bank summit where he stated that parts of the country’s national development plan should be implemented now while the rest of it would be left for further dialogue.

Kosseff argued that the parts of the NDP that were still in talks are the issues, such as the labour disputes, that are holding the country’s economy back.

“If we’re going to carry on the talk shop, then in 2 to 3 years, we would have gone nowhere,” said Kosseff.

He therefore proposed that an accord be established amongst government, business and labour in order to reach a level of understanding so that they can resolve the labour disputes issue more effectively.

 “Government, business and labour need to have an accord with no stoppages, where everyone knows what role they have got to play and all concentrate on doing what’s right for the broader economy and for the country,” Kosseff explained.  

“If everyone is going down their own road, we are not going to get anywhere.”

Usually, Kosseff pointed out, the voice of the business industry is silent on public issues as they need to maintain good relations with government, however, he feels that it is time for businesses to stand up and get involved in order to strengthen the country’s growth rate.

“We’re going to limp along with a growth rate between 2 and 4 per cent, depending on what’s happening in the rest of the world. We should be growing out between 5 and 6 per cent,” he exclaimed.

While progress is being made in terms of infrastructure development as well as green energy project financing, Kosseff believes that there is still much more that needs to be done with the NDP.