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Business will back Ramaphosa's reforms, says Cape Chamber of Commerce

The Cape Chamber of Commerce and Industry has praised President Cyril Ramaphosa’s State of the Nation Address (Sona), calling it courageous.

President Cyril Ramaphosa and National Assembly Speaker Baleka Mbete as they make their way to the State of The Nation Address in Parliament on 7 February. Picture: GCIS

CAPE TOWN - The Cape Chamber of Commerce and Industry has praised President Cyril Ramaphosa’s State of the Nation Address (Sona), calling it courageous.

Chamber president Janine Myburgh says that business will support the reforms Ramaphosa announced.

She’s warned, however, that implementing the changes would be a major challenge and bring the president into conflict with members of his own ruling alliance.

Myburgh says the speech also revealed that Ramaphosa has a deep understanding of the fundamental problems that are crippling the economy.

“It’s also a pleasant surprise for the public. We’ve been left rather punchdrunk from a series of above-inflation increases in administered prices over the last few years.”

WATCH: Top 5 moments from Sona 2019

ECONOMIC SHIFT

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.

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

Additional reporting by Lindsay Dentlinger.

(Edited by Zamangwane Shange)

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