'Now that Zuma is gone, real work begins for big business'

The Banking Association of South Africa’s Cas Coovadia says businesses cannot take a business as usual approach now that Cyril Ramaphosa has replaced Jacob Zuma as president.

Banking Association of South Africa’s Cas Coovadia. Picture: www.basa.org.za

CAPE TOWN - Big business should remain vigilant and not take a business as usual approach now that Cyril Ramaphosa has replaced Jacob Zuma as the President of South Africa.

That’s the message from the Banking Association of South Africa’s (Basa) Cas Coovadia.

Coovadia was addressing the Cape Town Press Club on Monday morning.

Basa, along with organised business and civil society initiatives such as FutureSA, took a stand against state capture and looting.

Coovadia says there’s a need to remain involved and that it can’t be business as usual now that Zuma has gone.

“We need to be very careful that business does not demobilise itself now because Zuma has gone and Cyril (Ramaphosa) is the president, we need to keep that momentum going because the real work starts now.”

Coovadia says it is far easier to destroy than to build.

“We now need to rebuild the destruction that has happened in the past 10 years and business needs to remain mobilised, remain active, we can’t go back to business as usual.”

On the VAT increase from 14% to 15%, Coovadia says it was unavoidable as state coffers were empty and Zuma committed the government to financing fee-free higher education.

Coovadia says South Africa’s corporate tax is already high compared to other countries and that previous increases did not bring in more revenue.