FEDUSA's Dennis George speaks on averting a downgrade

Dennis George, General Secretary of the Federation of Unions of South Africa, recently joined CNBC Africa to discuss the extensive groundwork that has been done as part of the collaborative efforts between the government, business, and labor to avert a potential downgrade. George highlighted the importance of the work done by what he referred to as 'social partners' in various international cities like New York, London, and Boston, as well as within Africa itself. According to George, significant progress has been made in laying the groundwork for economic stability and growth. One of the key areas of focus for the Federation of Unions of South Africa has been the development of strategies to enhance future economic prospects. George revealed that discussions have already taken place with the Minister of Finance, and a meeting is scheduled for January 20th to further explore these strategies. In addition to economic strategies, George emphasized the importance of finalizing minimum wage regulations and labor reforms. These initiatives are aimed at addressing various challenges and opportunities within the labor market, ultimately contributing to a more robust and inclusive economy. During the interview, George underscored the significance of creating a conducive environment for political dialogue and collaboration. He stressed the importance of fostering unity and cooperation to benefit all stakeholders involved in South Africa's economic landscape. The collaborative efforts between government, business, and labor signal a commitment to steering South Africa towards economic resilience and growth. By prioritizing dialogue, innovation, and strategic planning, the social partners are laying the foundation for a more prosperous future for the country and its citizens.