President Cyril Ramaphosa on 100 Days of GNU
By Thabo Mosia
President Cyril Ramaphosa has credited South Africa’s Government of National Unity (GNU) for improving investor sentiment and bolstering business confidence. In his weekly newsletter dated October 14, 2024, Ramaphosa highlighted that the GNU, formed following May’s elections, is already making strides in stabilizing the economy and instilling optimism among local and international stakeholders.
According to Ramaphosa, recent opinion polls and business confidence indices reveal a growing belief that South Africa is on the right track. He noted that Ipsos polling data shows an increasing number of South Africans believe in the country’s positive trajectory since the GNU came into office. This newfound confidence is also reflected in the Johannesburg Stock Exchange’s performance, with the All-Share Price Index seeing a notable rise since May .
The President pointed to tangible improvements, particularly in the energy and logistics sectors. For instance, South Africa has surpassed 200 consecutive days without load shedding, thanks to increased power generation capacity and reforms under the Electricity Regulation Amendment Act. These advancements are fostering a conducive environment for businesses, encouraging both domestic and foreign investments .
During his address at the New York Stock Exchange last month, Ramaphosa underscored the GNU’s role in revitalizing the South African economy. He emphasized that the administration’s efforts to reform state-owned enterprises, improve infrastructure, and fight corruption are paying off. The President further highlighted his engagement with international business leaders, where he reinforced South Africa’s commitment to structural economic reforms .
However, the GNU’s formation has not been without controversy. The South African Communist Party (SACP) recently declined an invitation to celebrate the GNU’s 100-day milestone, citing ideological differences. SACP leaders have been vocal about their concerns regarding the GNU, which they argue represents a shift away from the ideals of the National Democratic Revolution. Secretary-General Solly Mapaila has criticized the GNU for what he perceives as a right-wing approach, which, according to the SACP, might undermine the transformation agenda .
Despite this, Ramaphosa remains optimistic. He highlighted that improvements in the country’s fiscal position—driven by increased investor confidence—could lead to higher government revenues, reduced borrowing costs, and more funds for critical public services like healthcare and education. These developments are essential for addressing unemployment, which remains alarmingly high at 33.5% .
The President has outlined ambitious goals, including a new investment target of R2 trillion over the next five years. This goal aligns with ongoing reforms designed to attract foreign direct investment, enhance the ease of doing business, and support inclusive growth. Ramaphosa has emphasized that his administration will continue to work with various stakeholders to drive the structural reforms necessary for long-term economic recovery .
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