Economics
Sanlam Urges South Africa to Tone Down on Policy to Lift Growth
- South African economy entered a recession in second quarter
- Africa’s biggest insurer boosted first-half profit by 10%
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The South African government must provide policy certainty and tackle its problems one at a time if it is to pull the country out of its economic malaise, according to Sanlam Ltd. Chief Executive Officer Ian Kirk.
Africa’s most industrialized economy tipped into its first recession in nine years in the second quarter as President Cyril Ramaphosa tries to restore confidence battered by almost nine years of misrule by his predecessor. It also comes as the ruling African National Congress pushes changes to the constitution to make it easier to seize land without compensation and uncertainty lingers over mining rules that have hindered investment.