Ricochet News

Faltering business consumer index caused by Zuma - DA

By Charl Bosch - Jan 8, 2016
Faltering business consumer index caused by Zuma - DA

The Democratic Alliance (DA) has accused President Jacob Zuma of being responsible for the country’s Business Consumer Index (BCI) dropping to its lowest level since the advent of democracy.

In a statement, DA Shadow Minister of Economic Development Michael Cardo said the BCI average for 2015 fell to 86.4 index points, the lowest average since 1993 (81.3%), which contributed in the Rand breaking through the R16 mark against the US Dollar for the first time.

“The monthly index for December 2015 dropped to its lowest level for the year at 79.6 index points… almost nine points lower than for December 2014,” Cardo said, attributing the decline to Zuma’s surprise dismissal of Nhlanhla Nene as Finance Minister in early December.

He also added that unemployment under Zuma’s leadership increased from 31.7% to 34.4% during the third quarter of 2015, and that change “without bold leadership” is unlikely to change the situation of the country’s 8.4-million jobless households.

“Zuma’s ANC has failed to inspire confidence in the economy with the BCI declining steadily over the past seven years. Without allowing employers the freedom to grow, employment for these 8.4 million South Africans living without a job will remain a pipe-dream,” he said.

The ruling party has meanwhile accused the DA of racism after it revealed a split billboard in Johannesburg on Thursday afternoon, with one side, depicting a smiling Zuma on a yellow background, sporting the words, “More people jobless under Zuma’s ANC and counting” at the top, with the other side, highlighted in blue, containing the words, “Vote DA for change that creates jobs”.