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Ramaphosa to announce measures to stimulate economy

The latest GDP figures, released last week, show the country is in a technical recession.

President Cyril Ramaphosa. Picture: GCIS

PRETORIA - President Cyril Ramaphosa will on Friday announce the much-anticipated measures to stimulate the economy.

The latest GDP figures, released earlier this month, show that the country is in a technical recession.

The Presidency says that Cabinet has agreed to the measures to be announced by Ramaphosa.

It’s further believed that the package will secure confidence in sectors affected by regulatory uncertainty and inconsistency. Early next month, Ramaphosa will host the jobs summit, while in October, an international investment conference will bring together local and international investors.

Despite the country entering a technical recession, rating agency Moody’s said there was little chance of a downgrade.

Meanwhile, economist Iraj Abedian from Pan-African Investment and Research Services, says that the country needs a turn-around package, not a stimulus package.

“The economy has gone through such a contraction stage that all sectors need to be revived, and therefore, it doesn’t need and cannot absorb a stimulus.”

Senior analyst at Rand Swiss, Viv Govender, says he wants the president to also provide clarity and direction on policy uncertainty like land expropriation without compensation.

“What’s going to happen with the land expropriation debate is really something troubling in the agriculture sector.”

(Edited by Shimoney Regter)

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