Absa CEO is confident that Ramaphosa can reinvigorate SA economy

Absa CEO is confident that Ramaphosa can reinvigorate SA economy

- Speaking in Davos, the Absa CEO praised Ramaphosa's efforts to turn around South Africa's economy

- This comes after Ramaphosa raised more than $35 billion of foreign investment

- Ramos stressed that South Africa needed to implement the right strategies and ensure predictability in terms of policy to attract investors

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Maria Ramos has expressed support for Cyril Ramaphosa's plans to reinvigorate the economy. 

The Absa CEO made the comments at the World Economic Forum in Davos. 

"We're starting to see confidence coming back into the economy," Ramos said.

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Ramaphosa has been trying to drum up foreign investments to the tune of $100 billion.

He hopes this investment would re-energise South Africa's sluggish economy and create enough jobs to put a sizeable dent in unemployment, which currently hovers at around 27%.

Since Ramaphosa began his investment drive, $35.5 billion have reportedly been pledged from companies including Mercedes-Benz and countries such as the United Arab Emirates, with another $20 billion expected to follow later in the year.

While Ramos expressed confidence in Ramaphosa's economic plan so far, she stressed that it was key for South Africa to not only put together an attractive strategy, but implement it well.

She added that the government should encourage growth in the tourism sector as well ensure predictability when it comes to public policy.

She said this was key to putting investors fears to rest and was sorely lacking during the Zuma years.

READ ALSO: Mmusi Maimane says corrupt politicians belong in jail, not in Parliament

Ramos, who served in the government under Nelson Mandela, believed Ramaphosa was the right man for the job.

"That's what I expected of him and the way I have come to know him," she said.

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Source: Briefly.co.za

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