{"id":59435,"date":"2024-01-12T16:44:42","date_gmt":"2024-01-12T16:44:42","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-banks-must-help-the-government-standard-bank-ceo"},"modified":"2024-01-12T18:16:39","modified_gmt":"2024-01-12T18:16:39","slug":"big-banks-must-help-the-government-standard-bank-ceo","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-banks-must-help-the-government-standard-bank-ceo","title":{"rendered":"Big banks must help the government \u2013 Standard Bank CEO"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South Africa\u2019s big banks cannot afford to sit on the sidelines and not contribute to reviving the economy and government efficiency, as no business can thrive in a country where infrastructure is deteriorating, and policy instability deters investment.<\/p>\n

This is feedback from Standard Bank South Africa CEO Lungisa Fuzile in his capacity as chairman of the Banking Association of South Africa (BASA).<\/p>\n

In the association\u2019s latest annual report, Fuzile said that, besides volatility in the global economy and financial system, South African banks have to contend with a stagnant domestic economy.<\/p>\n

As a result, they have had to increase their provisions for bad debt as households and companies struggle to repay loans.<\/p>\n

Of great concern to Fuzile are the extended periods of severe load-shedding the country is being subjected to, adding further pressure to businesses and households.<\/p>\n

The need to procure alternative energy sources has led to some businesses closing, resulting in job losses and the destruction of livelihoods.<\/p>\n

Furthermore, the deterioration of vital infrastructure through corruption, theft, and vandalism has resulted in massive losses across the economy and a sharp reduction in tax revenue.<\/p>\n

At the root of all this is the country\u2019s collapsing state-owned enterprises, which are increasingly passing on their debt to the national government.<\/p>\n

The Reserve Bank said this has resulted in the domestic financial sector being highly exposed to government debt.<\/p>\n

\u201cThis is but one example of why banks cannot sit on the sidelines but must contribute whatever they can to reviving the South African economy and increasing the efficiency of the state,\u201d Fuzile wrote.<\/p>\n

Addressing these issues is in the interest of South African banks and the country as a whole.<\/p>\n

\u201cNo business can thrive \u2013 create jobs and profits for its investors \u2013 in a country where vital economic infrastructure is deteriorating, and policy instability and incoherence deter long-term investment.\u201d<\/p>\n

Fuzile has previously made it clear in his capacity as Standard Bank South Africa CEO that businesses have an interest in saving South Africa \u2013 not the ANC.<\/p>\n

He said CEOs and private companies are stepping up to help the government for South Africa\u2019s benefit and not to help the ruling ANC get re-elected.<\/p>\n

When asked if the government would manipulate the help offered by businesses to ensure the ANC wins the election next year, Fuzile clarified the private sector\u2019s priorities.<\/p>\n

Fuzile said businesses are unashamedly engaging with the government to help capacitate its institutions to benefit South Africans, not the ruling party.<\/p>\n

For the CEOs, it does not matter if the ruling party manipulates the private sector\u2019s help to win an election or takes responsibility for turning the country around as long as South Africa\u2019s situation improves.<\/p>\n

Even if a different government comes into power in 2024, Fuzile said business would unashamedly help that government improve South Africa\u2019s situation.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa\u2019s big banks cannot afford to sit on the sidelines and not contribute to reviving the economy and government efficiency, as no business can thrive in a country where infrastructure is deteriorating, and policy instability deters investment. This is feedback from Standard Bank South Africa CEO Lungisa Fuzile in his capacity […]<\/p>\n","protected":false},"author":84,"featured_media":59433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-59435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nBig banks must help the government \u2013 Standard Bank CEO - South Africa<\/title>\n<meta name=\"description\" content=\"South Africa\u2019s big banks cannot afford to sit on the sidelines and not contribute to reviving the economy and government ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-banks-must-help-the-government-standard-bank-ceo\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big banks must help the government \u2013 Standard Bank CEO\" \/>\n<meta property=\"og:description\" content=\"South Africa\u2019s big banks cannot afford to sit on the sidelines and not contribute to reviving the economy and government ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-banks-must-help-the-government-standard-bank-ceo\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-12T16:44:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-12T18:16:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/01\/sm_1705070541.125762.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-banks-must-help-the-government-standard-bank-ceo#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-banks-must-help-the-government-standard-bank-ceo\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Big banks must help the government \u2013 Standard Bank CEO\",\"datePublished\":\"2024-01-12T16:44:42+00:00\",\"dateModified\":\"2024-01-12T18:16:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-banks-must-help-the-government-standard-bank-ceo\"},\"wordCount\":492,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-banks-must-help-the-government-standard-bank-ceo#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/01\/sm_1705070541.125762.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-banks-must-help-the-government-standard-bank-ceo#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-banks-must-help-the-government-standard-bank-ceo\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/big-banks-must-help-the-government-standard-bank-ceo\",\"name\":\"Big banks must help the government \u2013 Standard Bank CEO - 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