Successful formation of GNU had positive effect on business confidence in SA - Ramaphosa

CAPE TOWN - President Cyril Ramaphosa said there has been an uptick in investor confidence in the country since the May elections. 
 
He said that business confidence was important for government’s efforts to create jobs, particularly in light of recent unemployment figures, which put the current rate at over 33%.
 
Writing in his weekly newsletter on Monday, Ramaphosa said investors had been concerned about obstacles to growth such as delays in the release of broadband spectrum, and inefficiencies in port and rail operations.
 
Citing the latest business confidence index published by the South African Chamber of Commerce and Industry, Ramaphosa said this was evidence the prospects for economic growth were looking up.

He ascribed low levels of business confidence in recent years to the electricity crisis, state capture, corruption and the decline of state-owned enterprises. 
 
But Ramaphosa said that the successful formation of a Government of National Unity has had a positive effect on business confidence. 
 
He believes the progress made so far in the reform process, such as opening up the electricity sector to a competitive market, has also contributed to the improved sentiment. 
 
Ramaphosa said the progress made in this sector gave him hope that the freight and logistical problems in the transport sector could also be overcome. 
 
The president said progress was also being made in infrastructure investment in the public sector, with a first-half-year value of R800 billion - fourfold more than in 2023.
 
Ramaphosa said his government would continue to work with the business and labour sector to drive the structural reform process.