Businesses in the Western Cape battle for survival

by Mishkah Anthony
10 July 2008

Western Cape businesses are fighting to survive as the country’s economy is facing a deepening crisis. The rise of interest rates, fuel price and inflation are directly and indirectly blamed for the business closures.

The businesses can no longer afford to pay bills as the prices have risen more than they can afford. Chamber of Commerce and Industry of South Africa, Janine Myburgh says;

“It is very worrying for organised businesses that we see such an amount of businesses closing and it’s an indirect result of oil prices increasing. Small businesses are suffering badly due to the expenses escalating abundantly but the profits and income is not escalating and that is causing a major problem in the economy.”