Economics
ANC Squabbling Strangles South African Growth, Investec CEO Says
- Business-friendly policies needed to recover after recession
- Banker sees more room for interest-rate cuts to spur economy
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Infighting among South Africa’s political leaders instead of promoting business-friendly policies risks keeping the continent’s most industrialized economy mired in recession, according to Stephen Koseff, chief executive officer of Investec Plc.
The governing African National Congress is being divided by corruption scandals surrounding President Jacob Zuma, his ties to a family from India and a contest for who will replace him as head of the party at the end of the year. Government policies are also raising concern with the mines minister last month releasing new rules that are being challenged in court by the industry and this week freezing the granting and renewing of mining rights.