On January 31, 2025, Rob Hersov, a prominent South African businessman and capitalist activist, delivered a fiery critique of the state of South Africa’s economy, calling for urgent and radical transformation. Drawing parallels with Argentina’s recent economic struggles and subsequent recovery under President Javier Milei, Hersov laid bare the failures of the ruling African National Congress (ANC) during his speech.
Hersov, whose remarks were inspired by Milei's blunt address at the World Economic Forum, painted South Africa as rich with potential, yet plagued by decades of mismanagement and corruption. "South Africa is one of the wealthiest, most resource-rich nations in the world. We sit on gold, platinum, and diamonds. We should be the Switzerland of Africa. And yet, here we are, a bankrupt, crime-infested, socialist experiment gone horribly wrong," he declared.
The economic challenges South Africa faces are stark. For over ten years, economic growth has lagged behind population growth, resulting in widespread frustration among citizens. Hersov criticized the ANC, stating, "We have the ANC—a bunch of corrupt, thieving, economy-destroying imbeciles whose only qualification is their ability to say 'apartheid' in every speech." He argued this has led to the proliferation of load shedding, rampant crime, and soaring unemployment rates, urging the need for significant change.
The businessman did not hold back on the ANC's approaches to governance, bringing attention to what he called 'woke socialism'. He stated, "If South Africa was functional, they couldn’t steal anymore. If Transnet was fixed, they couldn’t award another BEE contract to their cousin’s shell company." Hersov's scathing criticism illuminates the failures of policies aimed at transformation which, he argues, instead prioritize patronage and self-interest over productive governance.
Hersov’s message resonates with growing frustration among South Africans who feel the government has failed them. He pointed to the state’s response to crime and dysfunction, stating the ANC’s repetitive solution—"more government"—is ineffectual. Hersov also stressed the importance of abandoning the current economic model steeped in socialist ideals, urging the country to embrace "meritocracy, capitalism, and the raw, unfiltered truth." He echoed sentiments from Milei’s speech, claiming, "The cancer destroying Argentina—and eating away at the West—is the same disease killing South Africa. It’s called woke socialism, and it is eating away at our country."
Despite Hersov’s dire assessment, he remains hopeful for reform. He emphasized the necessity to reject victimhood narratives, stating, “What if we stopped apologizing for demanding competence?” This reflects a desire for South Africans to push back against ineffective leadership and strive for economic viability. His call to action resonates deeply, especially with those who have long witnessed the decay within the nation’s economic framework.
The future, according to Hersov, may lie in adopting strategies to groom economic independence—essentially building what he refers to as “a parallel economy.” He suggested investing in private security, private electricity, and private education as viable alternatives to the ineffective state-run systems now in place. This idea resonates amid frustrations over the ANC's inability to provide basic services and sustain the economy.
The speech concluded with Hersov questioning the willingness of South Africans to unite for change: "Will South Africa wake up? Probably not. Because let’s face it—we are the Titanic, and the ANC is playing the violin. But to those of you still awake, still fighting, still refusing to go down with this ship—the battle isn’t over yet." His passionate plea for action leaves many contemplating the pathway forward amid lot of uncertainty.
South Africa now stares at two distinct paths: one leading to continued disillusionment under failing social policies, and another toward potential economic revitalization through embracing principles of capitalism and meritocracy. Hersov’s rhetoric resonates like a rallying cry for those who have grown tired of empty promises and ineffective governance. For the hopeful, this call for action heralds possibilities of reclaiming the country’s economic destiny.