2024 - the year the lights came back on

2024 may well be remembered as the year the lights came back on, in more ways than one.

After serial disappointments, who would have thought Eskom would this year surprise on the upside, with 257 consecutive load shedding free days at the time of writing – the longest stretch in over five years?

And who would have thought we would emerge from a national election with a multi-party Government of National Unity which has, so far, presided over a period of relative economic calm. The consumer price index increased by just 2,8% in October, the lowest since June 2020, while in November the global ratings agency S&P upgraded South Africa’s outlook from stable to positive.

For once our list of noteworthy successes has trumped our list of failures, or so it seems as we round off the year with a reasonable score card relative to years gone by.

That’s not to say we don’t have some troubling red flags, not least our national debt to GDP ratio which hit an all time high 72% in 2023. There’s also the depressing story of our manufacturing sector, which has shrunk from 21% of GDP in 1995 to just 12,9% last year.

Our future success is by no means guaranteed, in other words, which is no surprise for those involved in the painstaking process of pushing much-needed economic reform. Our ports, our municipalities, and our criminal justice system remain obstinately below par even as we acknowledge that all three are fundamental to future growth.

But at a time of year when we tend to count our blessings rather than our bruises, we can at least acknowledge something to cheer about.

Similarly, the Cape Chamber can look back on a productive year of growth and programme implementation. We strengthened our chapter network and amplified the voice of private enterprise on multiple platforms, pushing for growth and job-creation at every turn.

As we take a holiday break we wish all our members and their families peace and wellbeing for the year ahead. 

John Lawson
CEO of the Cape Chamber of Commerce and Industry