The President is chasing investors out of South Africa

Efficient Group chief economist Dawie Roodt said President Cyril Ramaphosa's message to the world is that South Africa is not an investor-friendly country.

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He referred to Ramaphosa's comments that racist policies of the past are holding back South Africa's economy, and that black economic empowerment (BEE) is solving this problem.

"I am surprised and taken aback when I hear the policies of black economic empowerment militate against the growth of our economy," he said.

The President's comments came despite South Africa's poor economic performance over the last seventeen years and significant resistance to BEE.

The World Bank stated that BEE has imposed an excessive burden on institutions and has opened the door to corruption.