More businesses closing, urgent reform required – MPIYAKHE DHLAMINI
Stats SA’s April Statistics of Liquidations and Insolvencies paint a very grim picture. The number of business liquidations increased by 53.1% between April 2018 and April 2019. The number of insolvencies increased by 30.1% between March 2018 and March 2019.
Given that the economy has been growing at a pedestrian 1%-2% for a few years now, it is highly unlikely that this increase is due to more businesses being opened. I believe it is safe to take these numbers at face value. South Africa is becoming an increasingly hard place to do business because of the regulatory and tax burden. Policies such as EWC (Expropriation Without Compensation) will only increase the risks of running a business here.
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Publish date: 12 June 2019
The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation.