The reality in South Africa is that about R1.3-trillion in cash is lying in the hands of the private sector according to Reserve Bank data. This is possibly more considering the liquidity available in other markets outside of South Africa. The country has a long history of a conservative management of cash which destroys shareholder maximum return on an annual basis but the current operating environment really does not inspire confidence. The rising unemployment rate just reflects how stagnant the consumer base will be in the next 5 to 10 years. Only a private equity investor with exposure into the rest of Africa can build a large enough base for future South African prosperity.