After decade of stagnant growth, state capture & pandemic, SA has to accelerate economic growth

CAPE TOWN - President Cyril Ramaphosa said that after a decade of stagnant growth, state capture and a health pandemic, South Africa has to accelerate economic growth.

Addressing a Brand SA business dinner at the World Economic Forum which is currently underway in Switzerland, Ramaphosa said the structural reforms that were being introduced were meant to set a firm foundation for growth.

He was joined by Finance Minister Enoch Godongwana, who told the gathering that government was working hard to grow the economy.

President Ramaphosa said that structural transformation was shaping the country’s competitive edge, boosting activity and even attracting investment.

As the host of the G20, Ramaphosa said it would present South Africa with the opportunity to highlight several financial and climate change matters that affect developing nations.

Ramaphosa said that developed countries also needed to be pushed to meet the commitments they had made to address climate change.

"Key and important areas such as dealing with the question of debt of developing countries, which pay much more for their debt than more developed economies."

Ramaphosa said South Africa could teach the world a lot about collaboration, as evidenced by the speed at which it formed a Government of National Unity (GNU).

He pointed out this was the first time he was accompanied to the World Economic Forum by ministers from other political parties present.

"Our typical WEF scarf, I've never seen John Steenhuisen donning that, but now he wears it, and that is a moment of great pride."