President Cyril Ramaphosa
President Cyril Ramaphosa, in his latest weekly newsletter, has reinforced the necessity of ongoing economic reforms to stimulate economic growth, create jobs, and attract investment in South Africa. Following the conclusion of recent elections and with the formation of the new government on the horizon, the President emphasised the broad political support for continuing these critical reforms.
The Importance of Sustaining Momentum
President Ramaphosa stressed that maintaining the momentum of economic reforms is crucial. He stated, “Regardless of the form or composition of the incoming administration, it is important that the momentum of reform be retained and sustained. While we have come a long way in the reform journey, there is much work that still needs to be done to reignite growth in our economy.”
He underscored that any deviation from the current path would negate the positive strides that have been made, bringing South Africa back to square one. “At this important moment in the life of our nation, eradicating poverty and inequality and reducing unemployment must remain our overriding collective priorities.”
Major Reforms Under the Sixth Administration
Since taking office, the sixth administration has focused on an array of economic reforms across crucial sectors, including electricity, water, and logistics through Operation Vulindlela. “We have undertaken far-reaching reforms in energy, logistics, the water sector and telecommunications,” Ramaphosa said. These measures include revamping the energy sector, opening access to the freight rail network, and completing the auction of high-demand broadband spectrum.
In addition, reforms in the visa regime have been aimed at attracting critical skills to boost the economy and enhance tourism.
Boosting Investor Confidence and Economic Recovery
President Ramaphosa noted the positive impact these reforms have had on investor confidence. “The progressive implementation of these structural reforms has helped to improve investor confidence,” he said, adding that despite ongoing challenges like load shedding, investment across various industries has been secured.
“The structural reform process has produced tangible results and laid the groundwork for sustainable growth into the future,” he continued.
Action Plans and Future Goals
The President acknowledged that some reforms might take time to bear fruit but assured South Africans that the recovery and rebuilding process is well underway. Highlighting the energy sector, he pointed out the progress made under the Energy Action Plan announced in 2022, including accelerated procurement of new generation capacity and an increase in rooftop solar energy installations.
Ramaphosa emphasized that higher economic growth can be attained through a mix of structural reforms, increased investment, and robust macroeconomic management. “As the Minister of Finance noted in this year’s Budget Speech, successful efforts to improve the fiscal position, complete structural reforms and bolster the capacity of the state will in combination reduce borrowing costs, raise confidence, increase investment and employment, and accelerate economic growth.”
Call for Unity
The President called on all political parties and societal segments to work collectively towards economic growth and job creation. “By deepening our partnership as government, business and labour, by accelerating structural reform, by continuing the work to strengthen state capacity and improve the operation of state-owned enterprises, we are firmly on course for realising greater economic growth and creating more jobs.”
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