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Ramaphosa offers assurances over SA's economy

Ramaphosa says SA is politically stable & govt is creating billions of rands of new investment.

Deputy President Cyril Ramaphosa. Picture: AFP.

JOHANNESBURG - African National Congress (ANC) Deputy President Cyril Ramaphosa says an assessment team from ratings agency Moody's raised the issue of political uncertainty in South Africa, because a number of commentators cite this as the reason for a decline in investor confidence.

Ramaphosa addressed professionals and academics at a Gauteng ANC summit in Sandton last night.

The Moody's team visited the country last week and met with top Treasury officials.

Ramaphosa says while the economy is facing challenges including a major shift in investment, South Africans must be careful not to overplay issues facing the country.

He says the country is stable politically and the government is creating billions of rands of new investment.

"Our institutions are resilient and robust. We've got very stable institutions."

Ramaphosa says for the most part, public institutions manage public funds properly and the party will address corruption wherever it occurs in public spending.

"We'll reverse it and eliminate it from South African soil."

The deputy president says the ANC is always the first to admit its own mistakes and own weaknesses, and to correct them as soon as they are identified.

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