South African businesses welcome phased reopening of economy

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South africa Currency Rands
South africa Currency Rands

The South African Chamber of Commerce and Industry (Sacci) welcomed government’s plan of phased reopening of the economy while guarding against spreading of the COVID-19, said the organization on Friday.

President Cyril Ramaphosa on Thursday night said as from May 1 the country will open the economy in stages under stringent measures.

Sacci welcomed the government approach to balance risk adjusted program of re-entry into the economy and continuous mitigation against the COVID-19 pandemic.

“It is important to recognize the devastating effect that this pandemic is having on the economy. Getting the economy to work in a safe environment will be critical as this alone should assist South Africa in finding the revenue to repay the massive amount of debt required to support the economy due to the COVID-19 pandemic,” said Sacci CEO Alan Mukoki.

He commended the president for announcing over 26 billion U.S. dollars stimulus package to cushion people and businesses against the negative effects of COVID-19.

Mukoki pointed out that the country’s problems have been worsened by technical recession, COVID-19 lockdown and the downgrading to junk status.

Sacci called on government to have well thought out plans on how to reopen the particular economic sectors, in a measured way while continuing to mitigate against this pandemic.

He said, “Sacci urges business to take responsibility to work for and find the balance for both the public health risk, as well as the mitigation against an economic collapse. With diligence and rigor, we must ensure as business that the planned reactivation of the economy does not contribute to worsening the pandemic.”

The government is expected to announce which sectors will open first and how in the next few days. Enditem

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