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Ramaphosa: Africa the best place to invest

The president said that the continent had challenges with weak implementation and corruption but the continental free trade area would bring together 54 nations, their 1.2 billion people and their combined GDP of $3 trillion.

President Cyril Ramaphosa addressing the Financial Times Africa Summit in London on 14 October 2019. Picture: @PresidencyZA/Twitter

JOHANNESBURG - President Cyril Ramaphosa has told investors in London that not only is South Africa the place to do business but the whole continent too.

He told the Financial Times Africa Summit that the continent was the best place to invest.

The president said that the continent had challenges with weak implementation and corruption but the continental free trade area would bring together 54 nations, their 1.2 billion people and their combined GDP of $3 trillion.

Ramaphosa said that millions still did not have access to proper healthcare or education in Africa but that the continent was determined to seize this investment moment.

"By 2030, Africa will have more than 41 megacities with more than 10 million inhabitants each."

He said South Africa was positioning itself get a share of the 20 million jobs that must be created by the continent every year over the next two decades.

"We have taken steps to provide greater policy certainty in a number of areas such as mining, oil and gas and telecoms, as part of efforts to create a stable environment for growth."

He said that in 2017/18 global foreign direct investment flows fell by 13% but the increase saw an increase of 11%.

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