High Street Auctions Director Greg Dart comments on South Africa’s GNU (Government of National Unity) agreement – signed at the Cape Town International Convention Centre on 14 June, 2024. African National Congress (ANC) Secretary General Fikile Mbalula says the party will announce the inclusive GNU cabinet after the President’s inauguration on Wednesday, 19 June, 2024.
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Dart says this GNU agreement sets the best possible stage to lead South Africa into an economic revival.
“The parties have yet to agree to full terms, but they are agreed on basic priorities and the first of them is economic growth. It should be, because nothing is more important than an effective turn-around strategy that the ANC has promised but so far not delivered.
“Going into a GNU with the primary coalition partner being the DA will most certainly spur international investor confidence in South Africa’s future prospects and it will put a bullish spin on local investment, which can only be good for real estate investment in the mid-term.
No quick fix
Dart adds: “We need to be cognizant, though, that there is no quick fix to South Africa’s economic issues. The country’s economy has expanded by less than 1% a year on average over the past decade, and by DA leader John Steenhuisen’s own admission, it will take years of sustained hard work to turn the tide.
He concludes, “However, local and international investors can now look at us and know that there is, at least, hope of that tide turning, and give us the investment to help effect change. Today is a small celebration; hopefully the first of many milestones to come.”
