South Africa is out of runway: Nedbank CEO

A lack of leadership, including political leadership, remains a key concern for South Africa, says Nedbank chief executive Mike Brown.

Writing in a new report published by the Institute of Risk Management South Africa (IRMSA), Brown said it was now particularly important for the government and private sector leaders to step up and make decisions that are right for the country.

Brown said South Africa has historically been given a lot of leeway, but since the March 2020 downgrade to junk status, it has run out of runway and now needs to develop an environment that is more conducive to doing business.

“The recently-released World Economic Forum Risk report highlights the severe impact that the pandemic has had on inequality, particularly in the developing markets,” he said.

“For South Africa, this increasing gap between the rich and the poor has been exacerbated by the loss in local tourism, whilst the