President Ramaphosa’s approcah to economic growth is fundamentally flawed and will lead South Africa to recession, says the EFF
(PHOTO: Floyd Shivambu and Julius Malema of the Economic Freedom Fighters (EFF). Photograph: Felix Dlangamandla/Foto24/Gallo Images/Getty Images)
The EFF issued a statement after reports of the economy which shrank by a shocking 3.2% in the first quarter of 2019, which is the largest decline seen since the global financial crisis 10 years ago.
In a statement, the EFF believes the major cause of economic decline is Ramaphosa’s focus which isn’t on primary sectors of the economy, mainly agriculture and mining.
As a resolution to the crisis, the reb berets urged the president to gear the state and state-owned companies to spend a minimum of 80% of their budgets on locally manufactured goods and products, expropriate land without compensation, and creating a state bank.
Ramaphosa took over government a year ago after President Jacob Zuma, and was inaugurated for his term in May 2019.