South Africa must protect the advantage it has over many other emerging market economies, Finance Minister Trevor Manuel said on Wednesday.
Accepting an honorary doctorate from the University of Natal, Manuel said the economy was performing well and projected growth was expected to increase from three percent in 2002 to four percent in 2005.
After much belt-tightening the country had entered a phase of fiscal expansion. ”This gives us considerable scope to aggressively pursue national priorities.”
Manuel said local markets had to be properly regulated without being stifled by red tape.
”We must avoid that dangerous form of laissez faire that allows the poor to be condemned to further poverty through financial sophistry of those charged with looking after their savings,” he said.
Raising incomes in Africa would require good governance and good ”corporate citizens”.
”Corporate corruption is as prevalent as in the public sector. We all have a responsibility to be good corporate citizens, no matter how strong the temptation of get rich quick schemes are,” Manuel said. – Sapa