Why our economy is ailing

As I write this on Monday, the rand was trading at about R19.16 to the dollar; we are facing up to 12 hours of power cuts; and the country’s gross domestic produce data for the second quarter was expected to be less than 0.4%.

It seems like our economy is always twerking with the other Lady R recession, as notable growth has evaded us for such a long time. Yes, we are not to be blamed when it comes to factors such as fellow Brics playmate, China’s slowing economy – which affects us as they are our largest trading partner.

ALSO READ: CIT heists ‘a thorn in the economy of the country’

However, we should take the brunt of the blame for what we can control. This includes political uncertainty, which reduces investor confidence and, in turn, affects any chance of us clawing back up from economic doldrums.

And for goodness sake, can someone please help our ailing power utility to keep the lights on. If there is a single, most glaring reason why we are looking at such appalling economic growth numbers, it is Eskom.

Eskom continues to refuse obvious solutions, such as accelerating renewable energy sources, and, instead, supports corrupt deals such as the Karpowership gas-to-power agreement.

ALSO READ: Brics in Soweto: township economy dialogue launched

While the official stats for our economic growth are as embarrassing as the idea of suspended public protector Busisiwe Mkhwebane being refused entry to her office, the illicit trade market in South Africa is booming.

According to a report released in June by the Transnational Alliance to Combat Illicit Trade, more than R100 billion is lost to the black market a year, thanks to goods such as illegal tobacco and clothing. An increase in the sale of stolen copper cables and the trading of protected species like abalone are also costing us a bundle.

So, take a minute to look at that Adibas tracksuit top you are wearing, or as a sneakerhead, glance at your R500 “Nike” takkies with the logo facing the wrong way around. You are part of the reason our economy is ailing.

ALSO READ: Losers in Cape Town taxi strike are commuters and the economy

Places like Joburg’s Small Street are notorious for selling an unlimited number of fong kong brands, all strengthening a parallel economy that has been reported to be growing at more than 70% per year.

The weird part is that most of us know exactly where to go to buy fake goods, but our authorities seem to be clueless on where they should be clamping down?