Article

A new journey begins

JOHANNESBURG, SOUTH AFRICA

SOUTH Africa stands at a critical juncture. The country’s recent developments in domestic politics and foreign policy underscore the urgent need for consequential decisions that will bring positive change.

The consequential decisions are necessary as the nation that once proudly bore the legacy of Nelson Mandela struggles to find its footing. South Africans, through their lived experiences, are acutely aware of their country’s stagnation. Latest Ipsos polls indicate that 80% of South Africans believe the country is headed in the wrong direction.

Over the past two decades, South Africa has been in a state of decline. Despite the decline, South Africans, in my observation, have been slow to bring about the political change that would lead to better governance and reverse the country’s downward spiral. I believe South Africans should have reset the political environment years ago.

South Africa is a democracy, and South Africans have the responsibility to effect political change. Societies do not endure drastic changes at an equal pace. While some nations experience rapid change, others, like South Africa, face a slower pace.

With the onset of coalition politics, opportunities for policy change abound. South Africans like you and I, driven by a desire for change, must actively contribute to creating an environment conducive to rapid positive transformation of our nation.

South Africa’s regulatory environment continues to stifle individual freedom and economic dynamism. Excessive state intervention in the economy is a key factor contributing to the country’s lagging economic performance.

Tax policy remains hostile to growth, perpetuating high unemployment and entrenched poverty. However, we can reverse this trend. South Africa is rich in talent and potential, and its people deserve a future of opportunity and prosperity.

We cannot afford to despair at this critical juncture in our nation’s history. Instead, we must come together and find solutions to address the challenges we face. The survival of South Africa in the 21st century hinges on our collective efforts to uplift our country.

Introducing AMI

In response to the need for sensible and pro-growth public policy in South Africa, given the dire state of the country I have discussed above, I have founded the African Markets Institute (AMI), which is now operational.

It is an immense honour to embark on a journey dedicated to advancing economic sense in our beloved country.

In October 2023, I left the banking sector after ten years of experience, with my last employer being Standard Bank. Since then, I’ve been involved in exciting public policy endeavours, including publishing two books, an academic paper, speaking at prestigious conferences, hosting The Phumlani Majozi Show on Public Policy on YouTube, and writing a weekly column for Politicsweb.

I’ve also had the privilege of meeting many globally renowned public intellectuals, such as Dr. Jordan B. Peterson, Professor Larry Summers, Sir Niall Ferguson, Professor Tyler Cowen, Peter Robinson of the Hoover Institution, Charles Murray, Lester Holt, Dr. Mehmet Oz, Tony Abbott (former Prime Minister of Australia), and many others. This diverse experience has been instrumental in establishing the AMI.

Thirty years into South Africa’s democracy, the AMI is poised to play a pivotal role in shaping the public policy future of this vibrant and youthful democracy.

We acknowledge that our mission will face ideological resistance. Nevertheless, we are prepared to engage in rigorous, respectful, and constructive dialogue with our ideological opponents.

We believe that pro-market reforms can unlock South Africa’s potential. AMI will be committed to promoting policies that foster economic freedom, uphold democratic values, and empower individuals to thrive.

I founded the AMI to participate in the debate on South Africa’s political and economic future. South Africans have been let down by their leaders. But they have also let themselves down by voting for those currently in charge.

The AMI will not only aim to advance pro-entrepreneurship policies but also educate South Africans on the fundamentals of democratic processes. I see the AMI as an organisation whose mission is to advance the interests of South Africans.

South Africans want safety, better education, functioning infrastructure, jobs, and so on. However, political leaders are not living up to their promises and are pursuing policies that destroy the interests of South Africans.

If you are a South African and reading this column, you know very well that you are overtaxed and overregulated. You live in one of the most dangerous countries in the world, and your government has failed you and is mistreating you.

South Africa’s economic growth rate is dismal, causing staggering unemployment rates. If South Africa were to become investable and fast-growing, we would see unemployment plummeting.

To those obsessed with transformation, they should be reminded that without robust economic growth, there’s nothing to transform. There is nothing to transform with millions unemployed. We need public policy sense in South Africa, and AMI will advocate for this sense in the 21st century.

We’re just getting started, and we’re confident that AMI will grow into a powerful force for national change in the upcoming years. We will appreciate your support. PM

This article was first published on Politicsweb.co.za. Buy Phumlani’s book Lessons from Past Heroes here, and subscribe to his YouTube channel here.

© PHUMLANI M. MAJOZI