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Maimane: International investors not confident in SA’s economic direction

Mmusi Maimane says ANC’s 50-50 land reform ownership proposal is an example of double-speak on policy.

FILE: Newly elected Democratic Alliance leader Mmusi Maimane. Picture: Aletta Gardner/EWN.

JOHANNESBURG - Newly elected Democratic Alliance (DA) leader Mmusi Maimane says policy uncertainty and contradictions between ministers and the National Development Plan are the biggest threats to overseas investor confidence in South Africa.

Maimane this morning addressed the American Chamber of Commerce on the state of South Africa's economy and the relationship with the United States (US).

He also speculated about the DA's prospects of winning power from the African National Congress (ANC) in certain metro municipalities in next year's elections.

Maimane says the ANC's 50-50 land reform ownership proposal is a clear example of double speak on policy.

"I face the difficult frustration that on one day we agree that the economic future of South Africa must be expressed by how we use the National Development Plan, and on another day I come back and find other people who are saying: No, no, no we have to take this policy direction."

He says this is hurting investor confidence.

"The inconsistencies and the incoherence mean that for investors globally there is no confidence in knowing where South Africa's economic direction is going."

He also says the same inconsistencies are now threatening South Africa's African Growth and Opportunity Act (AGOA) partnership with the US.