Why South Africa is on a path of economic renewal

Cyril Ramaphosa 2019

MATAMELA CYRIL RAMAPHOSA, President of South Africa (UN Photo, 2018)

This article is brought to you thanks to the collaboration of The European Sting with the World Economic Forum.

Author: Cyril Ramaphosa, President, South Africa


This year, South Africa will celebrate 25 years of democracy, hold its sixth democratic national election and accelerate the process of economic revival and growth.

Over the last quarter century, the country has made remarkable progress in expanding opportunities for its people, most of whom still live with the effects of the apartheid system. Millions of poor South Africans have been provided with houses, social support, electricity and water. The black middle-class has grown significantly and access to healthcare and education have been expanded.

However, over the last decade, growth has been slow, progress in several areas has stalled and corruption has undermined key public institutions and state-owned enterprises. More South Africans are employed than ever before, yet our levels of inequality remain amongst the highest in the world.

In the last year, we have taken firm measures to correct this. As a result, the country is now emerging from a period of economic stagnation and political uncertainty and has entered a new era of renewal in support of our growth ambitions.

We have a firm foundation on which to build. South Africa’s high level of industrialisation, our position as a key manufacturing hub and services destination on the African continent, our strong financial sector are key drawcards for investors.

Furthermore, we are one of the most technologically resourced countries in Africa. We consistently rank highly in terms of internet bandwidth capacity and broadband penetration and have some of the highest mobile phone subscription rates on the continent.

Whether it is in mining, manufacturing, agriculture, clothing and textiles, services, tourism or the ocean economy, South Africa’s economy is as diverse as it is sophisticated. It is our ambition to diversify our export basket further and move towards higher productivity and enhanced global competitiveness.

We are aware of the critical policy missteps that led our economy to flounder and the effect that corruption and political patronage has had on public confidence.

But the political and economic landscape of South Africa has vastly improved. A year ago I laid out ambitious plans to turn our economy around, restore business confidence, deal decisively with corruption, and get our people working again.

We have registered significant gains. As part of an ambitious drive to raise $100 billion in new investment in five years, I appointed four investment envoys and assembled a specialised team to mobilise and facilitate investment. Just a few months into this journey, commitments of more than $6 billion show investors have confidence in the range of reform measures we have put in place.

Government is working with the local and international business community, labour, civil society and other stakeholders to drive our economic recovery. These social partners have also agreed on a range of actions to create new jobs and protect existing ones.

We promised to restore good governance, deal with corruption and restore faith in our public institutions. Commissions of inquiry have been established to investigate the capture of government institutions and key state-owned entities by private interests. We have appointed new boards and executives to these entities and begun steering their recovery in earnest.

Efforts to introduce a new era of accountability are taking hold. The state revenue service, a vital cog in the economy, is being stabilised. Confidence in the criminal justice system is also being restored through the appointment of new leadership teams.

We have made important headway in addressing policy uncertainty and inconsistency. Through consultation with all stakeholders, we have revised the country’s mining policy, balancing the need for growth with the need for transformation of the industry. After years of delay, a plan outlining our country’s energy mix until 2050 is finally on the table.

We have begun a process to pave the way for faster and more sustainable land reform – vital to provide policy certainty and predictability and to support the stable growth of our economy. This ongoing dialogue between different sectors of our society has the potential to forge a comprehensive, sustainable solution to an issue that has divided our nation for centuries.

We are committed to pursuing these economic and political reforms necessary to restore the confidence of our citizens as well as domestic and international investors.

As political turmoil plagues the globe, South Africa once again stands out as a beacon of hope and co-operation in a new world order. All nations’ economic destinies remain intertwined and as a bridge between the developing and developed world, South Africa offers a rejuvenated vision for a future of shared prosperity.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

How to make trade single windows more efficient with blockchain

EU Commission announces Safe Harbour 2.0 and a wider Data protection reform

Hungary must enforce its foreign bribery offence against companies, including foreign subsidiaries

The EU slowly exits from “Excessive Deficit Procedure” and hopefully from ‘Excessive Austerity Procedure’ too

‘Continuing deterioration’ leaves Mali facing critical security level: UN expert

Australia now has 25 million people. Will it choose to keep growing?

Will the EU be condemned by the International Criminal Court for violating migrants’ human rights?

Tobacco-free Public Space in Africa’s Most Populous Country

Agreement reached on digital copyright rules

‘Health is a right, not a privilege’ says WHO chief on World Health Day

To retire at 65, American millennials need to save almost half their paycheck

I accidentally went viral on TikTok. I learned we failed our youngest generation.

Meet Cipta: the comic book hero using her powers to tackle bullying in schools

Scaling for success: SMEs, tech innovations and the ITU Telecom World Awards 2019, in association with The European Sting

Pro-EU forces won a 70% triumph in the European elections

Parliament in favour of lifting visa requirements for Kosovars

Fragile countries risk being ‘stuck in a cycle of conflict and climate disaster,’ Security Council told

EntEx Organises 5 Summer Schools for Young Entrepreneurs across Europe in June/July 2014

Jade Spring Meeting 2017 – day 2: Coporate workshops, general assembly and magna moment

Ebola fight ongoing amid evidence of ‘several massacres’ in DR Congo’s Ituri province

Africa’s inspiring innovators show what the future could hold

Commission challenges Council over EU 2014 budget

Amidst high trade tensions and policy uncertainty, UN cuts economic growth forecast

After the Italian ‘no’ and the Brexit, Germans must decide which Europe they want

“We have to do a better job of creating alternatives to violent extremism”, US Secretary of State John Kerry from Switzerland; the Sting reports live from World Economic Forum 2015 in Davos

Mergers: Commission clears Telia’s acquisition of Bonnier Broadcasting, subject to conditions

Call to revitalize ‘language of the ancestors’ for survival of future generations: Indigenous chief

6 facts to know about EU alternative investment funds

GSMA Mobile 360 Series – Latin America, in association with The European Sting

Biggest London City Banks ready to move core European operations to Frankfurt or Dublin?

Innovation can transform the way we solve the world’s water challenges

UNIDO promotes post-harvest excellence for mangoes in the Mekong River Delta of Viet Nam

Draghi: A bridge from Brussels to Berlin

3 ways to fight short-termism and relaunch Europe

Brexit: the time has come to back the withdrawal deal

This is how we inspire young people in the Middle East to join the fight against climate change

Better training ‘a necessary and strategic investment’ in peacekeeping that saves lives: Guterres

Illegal fishing plagues the Pacific Ocean. Here’s how to end it

This graphene battery can recharge itself to provide unlimited clean energy

Guterres says UN stands ready to support Brazil’s search and rescue effort in wake of tragic dam collapse

UN’s Guterres condemns ongoing airstrikes on Syria’s hospitals, medical workers

Why do thousands of migrants need to be drowned for Brussels to wake up?

Budget MEPs approve €104.2 m in EU aid to Greece, Spain, France and Portugal

Lifting the lid on policy decisions across Africa

Yemen war: UN chief urges good faith as ‘milestone’ talks get underway in Sweden

A Sting Exclusive: “Regional Policy: a fully-fledged investment policy”, Commissioner Cretu reveals live from European Business Summit 2015

Greenhouse gas levels in atmosphere break another record, UN report shows

Turkish and Greek Cypriot leaders ready for talks with UN chief on improved relations

The role of students in a migration crisis in Roraima, Brazil

UN human rights chief denounces grave ‘assaults’ on fundamental rights of Palestinian people

Praising Roma’s contributions in Europe, UN expert urges end to rising intolerance and hate speech

This is where teachers are most (and least) respected

Towards a seamless internal EU market for industrial goods

DR Congo: Ebola response resumes despite ‘risky environment’

Tiny Iceland teaches the West how to treat bankers

UN agency assists Central American caravan migrants, voices concern for receiving countries

South Sudan ‘heading towards lasting peace and stability’, UN General Assembly told

A Wholesome Health Care for Transgenders: Sex Reassignment Surgery

Children in crisis-torn eastern Ukraine ‘too terrified to learn’ amid spike in attacks on schools

The Council unblocks all EU budgets

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s