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Ramaphosa's R360bn investment pledges seen as good for his political capital

However, independent political analyst Dale McKinley has cast doubt on whether the investment commitments would lead to job creation and other remedies needed to revive the struggling economy.

President Cyril Ramaphosa addresses the second South Africa Investment Conference in Sandton, Johannesburg on 6 November 2019. Picture: @PresidencyZA/Twitter

JOHANNESBURG - The investment conference that raised around R363 billion in pledges is being seen as good for President Cyril Ramaphosa's political capital.

However, independent political analyst Dale McKinley has cast doubt on whether the investment commitments would lead to job creation and other remedies needed to revive the struggling economy.

McKinley argued that following the gloomy Medium-Term Budget Policy Statement, Ramaphosa needed the boost provided by the investment commitments.

Despite this, he questioned whether the money would be channelled to the right places - stating that in the past there had been a distinct difference between what is committed and reality.

“It remains to be seen. It remains to be seen if this is going to be any different and what he is going to do that hasn’t been done in the past. Is he truly going to put that capital to work or is it going to be some presidential project that we had in the past?”

McKinley was equally sceptical about policy reforms promised to the small business sector among others, questioning how the president would achieve this when successive African National Congress governments failed to do so.

Ramaphosa’s administration has been on an intensive drive to raise R1.2 trillion in the next four years since the inaugural investment conference last year.