The Government of National Unity (GNU) currently governing South Africa has brought reprieve in market conditions although the National Health Insurance (NHI) Act signed by President Cyril Ramaphosa is unworkable, said Discovery Group CEO, Adrian Gore after the company raised full year earnings and profits from operations.
Discovery Group runs financial services companies spanning banking, health and wealth investments among others. Gore, like other South African business leaders said the run-up to the May 29 election had occasioned business uncertainty although some up-shoots of stability were now emerging under the GNU.
A positive election outcome towards the end of the reporting period, following the formation of the Government of National Unity (GNU), resulted in a significant shift in confidence, with some immediate relief in market indicators. The uncertainty around elections in South Africa created further economic headwinds during the year, said Gore yesterday.
He emphasised though that the NHI is not workable in its current form although Discovery Group was now engaging at multiple levels to facilitate a viable journey to universal healthcare coveragein SA.
Over the full year period to end June 2024, Discovery also operated against the backdrop of fiscal challenges and the knock-on impact on the National Health Service (NHS) backlogs in the UK which had accelerated the demand for, and utilisation of, private medical insurance.
