Chairman Of Major Lobby Group ‘Ecstatic’ About Rand Weakness

Christmas has come early for Stewart Jennings and the major lobby group the ‘Manufacturing Circle’. Not for the general public, though.

“We are ecstatic with the rand’s performance. If it stays there, South Africa will start creating more jobs,” the chairman of the Manufacturing Circle and CEO of PG Group said in comments to Business Day.

The R/$ was at 6.60 in August and is at 8.40 today. In other words, the Rand is much weaker against the Dollar than it was in August 2011.

According to its website, “the Manufacturing Circle interacts with government and other stakeholders in order to review, debate and help formulate policies which will have a positive impact on South Africa’s manufacturing base.”

Crony capitalists, in other words, who don’t consider the welfare of the nation as a whole, but only the interests of its members.

For by far the greater majority of people in this country, a weaker Rand means an even lower standard of living, as it will push food, fuel, school fees, cleaning products, and clothing prices higher, while salaries remain unchanged.