The unrest and anarchy that left over 200 dead and many more beaten and broken, and properties razed to the ground, added to the woes of a crippling economy with many small businesses in tatters. Experts believe that the protests, sparked by the incarceration of former president Jacob Zuma, have dealt body blows to business and livelihoods that could take years to recover from.
Luyanda Jafta, the CEO and Co-Founder of The People’s Fund, a crowdfunding platform for small black-owned businesses, tells FORBES AFRICA that this was a ticking time bomb waiting to happen.
“We are staring down the barrel of the demise of the structure of South African society,” Jafta says. “South Africa is one of the most unequal societies in the world and our transformation objectives have failed.”
The unrest was stoked by multiple factors: Zuma loyalists who want the former president released from prison; “opportunistic criminals” as President Cyril Ramaphosa said in his nationwide address; and crucially, also the poor and desperate grabbing the opportunity to loot and put food on the table.
After the outbreak, Zuma virtually appeared in the Pietermaritzburg High Court on July 19 to face 16 charges of fraud, corruption, and racketeering related to the 1999 purchase of fighter jets, patrol boats, and military gear from five European arms firms when he was deputy president.
This story is from the August - September 2021 edition of Forbes Africa.
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This story is from the August - September 2021 edition of Forbes Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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