Ramaphosa: High cost of living needs to be addressed
Deputy President Cyril Ramaphosa has described the cost of living in South Africa as exponentially high.
He was addressing the Competition Commission's 11th annual policy conference in Johannesburg on Friday.
"When cartels fix the price of a necessities like bread, poor families are sometimes forced to choose between paying for school transport and starving. The cost of food is much higher in South Africa than it is in many other places. We also know that the cost of things like data is extremely high and this has to be addressed," says Ramaphosa.
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He says the commission must always keep in mind the indignity suffered by so many poor South Africans.
"We must refuse to be numbed by poverty, it is inhumane and unnatural. Competition policy must contribute to the achievement of sustainable and affordable livelihoods. As social partners, it is our responsibility to confront attitudes and end practices that place the activities of business at odds with interests of society."
He says corporations with high profit margins, as a result of their dominance in the market, need to take a long, hard look at themselves.