Sacci: SA needs more than R3bn in investment to reach sufficient economic growth

Over R3 billion in investment commitments was raised over the course of the three-day investment conference this week.

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

JOHANNESBURG – As the country takes stock of the impact of the three-day Investment Conference this week, the South African Chamber of Commerce and Industry (Sacci) said that South Africa needed more investment to reach sufficient growth.

Over R3 billion in investment commitments was raised over the course of the conference.

Sacci economist Richard Downing said that the gathering did, however, highlight the importance of the role investment could play as a key element to growth creation.

The chamber has once again pointed to uncertainty in the economy that was created by instability in state-owned organisations, such as Eskom, as an important factor to business and investment confidence.

Eskom was once again forced to implement load-shedding between Thursday night and Friday morning due to capacity constraints.

Downing said the country should address these challenges, adding that the February budget would be a big test for investors who would be looking to see if government’s short-term goals could be achieved.

“We know all the problems at Eskom, which is financial as well as the physical output, which is not what it should be. We should be seen to be addressing that.”

Downing also stated that while the multibillion-rand investment pledges were positive, they would be keenly watching to see if these came to fruition.