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#UnrestSA: Goods recovered for the economy must be destroyed, says Ntshavheni

Closed game store after looting

  • The stolen goods are no different from counterfeit goods, said Deputy President Khumbudzo Ntshavheni.
  • She described this as the “basic economics” of the problem.
  • Ntshavheni’s statement follows calls and questions from the general public asking them to donate or auction the goods recovered from the predators and use the proceeds for relief.

Deputy President Khumbudzo Ntshavheni said that goods recovered after a series of recent looting and anxiety must be destroyed to protect the economy.

Ntshavheni’s statement follows calls and questions from the general public asking them to donate or auction goods recovered from predators and use the proceeds, especially for the relief of small businesses.

But the minister, who was talking about the government’s post-looting economic restructuring plan at a media briefing on Wednesday, said he could do nothing but destroy the product.

Last week, some of KwaZulu Natal and Houten faced fears of looting and property destruction as they gave up appliances, clothing, food and other items from manufacturers and stores.

The anxiety that affected about 200 malls and 40,000 businesses South Africa could suffer a production loss of about Ran 50 billion, endangering 150,000 jobs..

Ntshavheni said the company would be defeated because the goods are no longer new and need to be sold at a lower price.

“Basic economics”

“Stolen goods are no different than counterfeit goods, which is why we destroy them because … manufacturers of those goods allow employees to pay to keep their business going. It doesn’t generate income from those products, “said Ntshavheni.

However, according to Ntshavheni, destroying an item means that the manufacturer can recoup the loss by making other products and selling them on the market. The government can also benefit from the ability to collect tax revenues.

“And that’s the basic economics … when you buy counterfeit goods at cheap prices, you’re sacrificing the economy as well as tax revenue,” she said.

Ntshavheni said most of the impact was felt by small businesses and urged South Africans to refrain from buying stolen or counterfeit goods.

She further stated that the government will organize a “national conversation” with a panel of experts consisting of economists and social partners explaining the effects of economic instability.

South Africa, along with President Cyril Ramaphosa, has begun planning a recovery after anxiety Meet the private sector on Tuesday Discuss future directions.

#UnrestSA: Goods recovered for the economy must be destroyed, says Ntshavheni

Source link #UnrestSA: Goods recovered for the economy must be destroyed, says Ntshavheni

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