Measures Introduced To Ignite Economic Growth Paying Off, Says Ramaphosa

President Cyril Ramaphosa delivers the State of the Nation Address on 7 February 2019. Picture: Twitter/parliamentofrsa

CAPE TOWN – It’s been another long hard year for South Africa but President Cyril Ramaphosa believes the country is on the precipice of a major economic shift.

He’s set the target of putting the country among the world’s top 50 global players within three years.

In the first of two State of the Nation Addresses this year, Ramaphosa said government’s approach is not to spend its way out of economic turmoil, but rather to set the economy on a path of recovery.

He says measures introduced to ignite economic activity and restore investor confidence are paying dividends.

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Last year’s investment summit attracted R300 billion in investment pledges both locally and abroad.

“As part of our ongoing work to remove constraints to greater investment, we have established a team from the Presidency, Invest SA, National Treasury and the Department of Planning, Monitoring and Evaluation that will address the policy, legal, regulatory and administrative barriers that frustrate investors.”

As part of the country’s economic recovery plan, Eskom will be unbundled into three entities; generation, transmission and distribution.

Finance Minister Tito Mboweni will provide more details on plans to take over Eskom’s debt in two weeks’ time, which the company says is prohibiting it from borrowing much-needed capital.

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