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

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the European Sting Milestones

Featured Stings

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

Grexit no longer a threat but how to manage a “tutti frutti” government if not with fear?

European Confederation of Junior Enterprises hosts in Geneva the Junior Enterprise World Conference

UN underscores the need to celebrate indigenous peoples, not confine them

Drought in Europe: Commission presents additional measures to support farmers

Global Leaders Take The Stage At MWC Shanghai 2019, in association with The European Sting

EFSF/ESM boss tells half truths about Troika’s doings

Here’s how data could make our cities safer

Barriers to trade: as protectionism rises, EU continues opening up export markets for European firms

Why city residents should have a say in what their cities look like

Everything you need to know about water

Khashoggi trial in Saudi Arabia falls short of independent, international probe needed: UN rights chief

Where is Egypt leading the Middle East and the Mediterranean economy?

These countries are ranked highest – and lowest – for human development

Erdogan’s electoral win on a ‘me or chaos’ dilemma means trouble for everybody

Paris, Washington, IMF against Berlin and ECB on money and interest

Lack of access to clean water, toilets puts children’s education at risk, says UN

On our way to China

Security Council should ‘nurture’ Colombian consensus against return to violence, top UN official urges

Climate change is destroying a barrier that protects the US from hurricanes

The 27 EU leaders did nothing to help May unlock the Brexit talks

Commission tries to solidify the EU statistical system

Parliament sets up plan to fight the 3,600 criminal rings of EU

Scotland wants to create an ethical stock exchange (Post Brexit)

European Development Days 2013

Merkel refuses to consider the North-South schism of Eurozone

On Google antitrust case: “Let’s face it, some companies want to hurt Google and it goes as simple as that”

ZTE @ MWC14: ZTE excels in all areas at this year’s Mobile World Congress

‘Nothing left to go back for’: UN News hears extraordinary stories of loss, and survival as Mozambique rebuilds from deadly cyclones

Mainland Europe adopts Germanic cartel business patterns

What will the US look like under Trump? Was his election campaign a big scam?

State aid: Commission approves €431 million public support for cleaner transport in German cities

Google prepares to final EU judgement over Android antitrust case

MEPs want robust EU cyber defence and closer ties with NATO

The creation and maintenance of smoke-free public spaces in the UK

Davos participants call for digital trade deal

Greening the Belt and Road is essential to our climate’s future

The opportunity of studying Medicine abroad

New York City has a plan to fight fast fashion waste. Here’s how it works

Digital Single Market: New EU rules for online subscription services

UN food relief agency airlifts aid to DR Congo province hit by Ebola outbreak

Colombia: ‘Terrible trend’ of rights defenders killed, harassed; UN calls for ‘significant effort’ to tackle impunity

Kellen Europe Hosts EuroConference 2016

AI-assisted recruitment is biased. Here’s how to make it more fair

How civil society must adapt to survive its greatest challenges

European Parliament marks EU accession prospects for Serbia and Kosovo

Ensure safety of responders UN Security Council urges, amid worsening DR Congo Ebola outbreak

Resolving banks with depositors’ money?

UN postal agency ‘regrets’ US withdrawal

Some Prevailing Arguments and Perceptions over the South China Sea Issue Are Simply Wrong

‘End the ongoing atrocities’ against people with albinism in Malawi, say UN rights experts

Manufacturers Get Smarter for Industry 4.0

Zeid calls for ICC probe into Myanmar Rohingya crisis

New York and London mayors call on cities to divest from fossil fuels

The COP24 Agreement: Yes, it happened at last

MEPs take stock of the EU’s foreign, security and defence policy priorities

OECD joins with Argentina to fight financial crime

European Commission: Does Apple, Starbucks and Fiat really pay their taxes?

How fungi could save the world

The economic cost of anti-vaccination movements in Italy

MWC 2016 LIVE: Xiaomi looks to revive growth with flagships

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