However, whilst this is a positive step in the right direction, it is not nearly enough. Further rates cuts are needed from SARB this year; the bank must not only fight inflation but also focus on addressing unemployment. It doesn't help workers to have a strong currency, whilst unemployment is rampant. We need to defeat both inflation and unemployment because an ordinary person without a job would prefer a job over managed inflation.

In addition to targeting employment the reserve bank should align its policy to industrial development, introduce foreign exchange controls, and impose quantitative controls on commercial banks to ensure that a quarter of their loans go to priority sectors that drive the growth path and create jobs on a larger scale.

Government needs to come to the party and COSATU welcomes the President's commitment to convene the long delayed jobs summit. This must happen urgently but we will not accept a clapping fiesta. There must be a clear jobs plan of action covering all sectors of the economy and we also need clear targets per sector per month. All ministers, premiers and mayors must be held accountable to ensure its successful implementation.

COSATU wants a deliberate focus on job absorptive sectors such as agriculture, tourism, mining, energy, water, clothing, aquaculture, transport, financial services.

All this must be linked to a program to reindustrialise the economy, boost our manufacturing capacity and increase our exports, especially to Africa.