Billionaire Whitey Basson says why he is staying in South Africa

Former Shoprite CEO Whitey Basson said that while he is extremely concerned about South Africa, it remains a great country in which to live.

Basson shared his views about South Africa during an interview on the Conversations with Lelethu podcast.

He said he was concerned about the country and that it was not doing well, especially regarding the state of the economy.

“South Africa is not doing well. Look at youth unemployment and at the policies that are stifling growth,” he said.

He argued that the country has been mismanaged by both the ANC and the previous government. “They made as many mistakes and had as many bad ministers,” he said.

With the current government, he pointed to black economic empowerment and expropriation without compensation as destructive policies.

He said that, despite good intentions, these policies don’t work and should be replaced by ones which will work.

Despite these problems, Basson said he is staying. “I think South Africa is a great country, and I wouldn’t leave here,” he said.

“I think there are great opportunities in South Africa because you’re competing against very mild competition.”

He added that he was optimistic about the country as it has the building blocks for growth and a more prosperous future.

“I am optimistic, because there is a lot of clay to work with. All you need now is a fine artist who can mould that clay into one of the best statues in the world,” he said.

“We have capable people, but they aren’t being exposed or given the opportunity, and there are too many committee structures holding South Africa back.”

Billionaire Patrice Motsepe has been mentioned as a potential ANC and South African President, and Basson is positive about him.

“I would love to see him as President. I know him well. He is extremely capable, and he truly represents every portion of this country as an individual,” Basson said.