The damage that was done to South Africa’s economy over the past nine years before Cyril Ramaphosa became president has had a huge impact on the invest-ability of the mining sector, said Roger Baxter, CEO of Minerals Council of South Africa, on Tuesday.
“A year ago we arrived in Cape Town for the 2018 Indaba, there was cautious hope in the business community and as well as the South African political centre was going to change for the better, and this was because Cyril Ramaphosa had just been elected the (African National Congress) ANC president the previous December,” he said.
“It was still 10 days before Mr Ramaphosa became president of the republic and a full 21 days before Gwede Mantashe [was] to be appointed to replace Mr [Mosebenzi] Zwane as the minister of mineral resources.”
Baxter was speaking at the 25th annual Investing in African Mining Indaba underway at the Cape Town International Convention Centre (CTICC).
He said that since the election of Ramaphosa and Mantashe’s appointment as mineral resources minister, the business and mining environment has changed.
“For the mining industry in particular, the minister adopted a very similar approach. We are fully cognizant of the damage that was done to our economy and the executions in our economy over course of nine years before Mr Ramaphosa’s election to presidency. The mismanagement and corruption that took place in that period has had a huge impact on the invest-ability of our mining sector,” Baxter said.
– African News Agency