Following the series of controversial issues surrounding Jacob Zuma and his seat as the president, many eagerly await his recall and as they wait, an investment strategist at Brenthurst Wealth Magnus Heystek has expressed what he feels South Africans will remember Zuma’s government for.
Writing in a piece posted on Moneyweb, Heystek said the memory of President Jacob Zuma and his regime will hardly be forgotten by South Africans.
Pointing out controversial issues that has rocked his regime which includes his alleged rape case, the Waterkloof-gate, Nkandla-gate, Gupta-gate, Spytape-gate, Nene-gate and lots more, the investment strategist said even Zuma himself will be hunted by his deeds.
“It’s hard to find a modern country where one individual has caused so much controversy and damage recently. I wish I could describe him as a ‘one-man wrecking ball’ but my old friend Max du Preez used that expression first,” he said.
In a more relaxed mood, Magnus Heystek described Zuma’s term in office as one filled with corruption, cronyism and scandals.
“I’m quite sure what the public is aware of is just the proverbial tip of the iceberg. More is bound to tumble out of the cupboard when Zuma vacates his office – either as a result of being pushed or his having an attack of conscience. Just joking….” he added.
Speaking on the resounding clamor for Zuma’s resignation, the investment strategist said he is not sure if the public would easily win the fight.
“I don’t think this is going to happen soon. Zuma will fight this fight for as long as he can. He strikes me as someone who will pull down the whole edifice and then find someone else to blame.”
“In my view, Zuma will also be remembered for something with far more destructive, serious, longer-term consequences: bad economic policies.
“Zuma has been so consumed by one scandal after the other, that he’s not had much time to try to find innovative ideas to grow the economy. How does one explain that Zuma allowed Home Affairs minister Malusi Gigaba to continue with destructive visa regulations?
Touching various other interesting areas like the nation’s economy, residential property, and the issue of the middle class being crushed by Zuma’s policies, Heystek said though it would sound religious to blame everything on Zuma, but that he has a hand in almost all that is affecting the people.
The SA middle-class is currently being crushed by a combination of sharply-rising inflation – especially food – and under-performing investment assets. The proverbial kitty is empty and it’s unlikely that salaries and wages will keep pace with inflation this year, especially in the private sector.
Even the-so called rich feel the pinch. In fact, South Africa is far less rich than our politicians tend to think. In a country with more than 55 million people, there are only slightly more than 100 000 taxpayers earning over R1 million per year, contributing 26% of all personal income taxes. You could get them all into FNB stadium.
Magnus Heystek however ended his note by calling for a more valid policy that will create growth and prosperity, fast. ” …a president more focused on national interest – especially considering the current dire economic situation – rather than his own survival, would have made a massive difference to the national mood,” he added.
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