Ramaphosa - 5% economic growth for South Africa is totally achievable

Ramaphosa - 5% economic growth for South Africa is totally achievable

- President Ramaphosa took part in the BUSA indaba recently, spreading a message of hope for the economy

- Ramaphosa is enthusiastic that the nation will be able to overcome it's challenges and achieve the desired economic growth rate

- High on the list of issues to tackle is 'outdated' state-owned entities, who currently pose the greatest risk to the economy

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President Cyril Ramaphosa is enthusiastic about South Africa's chances of achieving the target of 5% economic growth this year.

Ramaphosa told delegates, at a the Business Unity South Africa indaba, that the public-private growth initiative ( PPGI) had allowed the state and business to identify 'inhibitors' currently constricting the economy.

The President had been addressing the delegates after a meeting of the PPGI and was confident of the country's potential:

“That a higher growth trajectory for the SA economy is within reach, between now and 2023, with an investment of at least R500 billion, achievable in specific economic sectors”.

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READ ALSO: Ramaphosa vows that South Africa will never again be called corrupt

Ramaphosa called for the removal of the identified obstacles, such as policy uncertainty and regulatory frameworks.

The country's GDP growth rate is expected to climb to 1.4% in 2019, after the 0.8% it rose in 2018.

The PPGI partnership has worked in 22 sectors, of which a few gave presentations at the indaba, and advocates the formulation of a 5-year, sector-based plan.

READ ALSO: Zuma claps back at President Ramaphosa: It was not 9 wasted years

The state was urged to combat the inhibitors facing economic growth, including construction, lack of infrastructure and high tariffs.

The initiative cited these inhibitors as the biggest hurdles facing economic growth.

Ramaphosa felt certain that working in sectors, such as manufacturing and automotive industries, had the potential to encourage growth in the economy:

“We must remove the obstacles and constraints for growth. SA must go and grasp that high growth. We can do so by working together and addressing the issues,”

High on the list was the rejuvenation of embattled government entities, vital to achieving the projected results. This notion had enjoyed support, with 'outdated and unsustainable' state owned companies posing the biggest risk to the economy.

Briefly.co.za reported earlier that the State of the Nation address is taking place next week, where Ramaphosa will surely engage with the nation on issues facing the economy.

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Source: Briefly.co.za

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