Cyril Ramaphosa: Many Of Mboweni’s Economic Growth Reforms Being Implemented

President Cyril Ramaphosa
President Cyril Ramaphosa

President Cyril Ramaphosa said the government is moving ahead on many of the reforms proposed in the economic growth strategy document released by the Minister of Finance Tito Mboweni in August.

He addressed the first sitting of his Presidential Economic Advisory Council at Tuynhuys in Cape Town on Wednesday.

Ramaphosa stressed the need to increase confidence levels and for the government to regain the trust of the markets and South Africans.

He also announced that the special paper on Eskom, which will map out its unbundling into three state-owned divisions for generation, transmission and distribution, is to come before Cabinet soon.

On the Eskom roadmap, the president had this to say.

“It will enrich the process to bring Eskom to financial and operational stability by creating a reference point for implementation – it is important that we provide the market with clear signals of the nature and the contours of our reform process. Reforms are definitely underway.”

The paper will also feed into tricky talks with unions opposed to the power utility’s unbundling.

On broader reforms, including on the cost of doing business, South Africa’s visa regime, energy policy, youth employment and spectrum release, Ramaphosa said many were advanced in the Treasury growth strategy document.

“So much work is underway to ensure that we increase the level of confidence and that we regain the credibility and the trust, not only of the markets but also of our people as we implement these reforms that already enjoy a great deal of support from a number of roleplayers in our country,” he added.