Cyril Ramaphosa calls on private sector to help decrease unemployment

Cyril Ramaphosa calls on private sector to help decrease unemployment

- Cyril Ramaphosa has called on the private sector to invest in the youth and create jobs

- This comes as the president stated that reducing unemployment was one of his priorities

- He said that he would appoint a Cabinet which could assist in this goal as well

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Cyril Ramaphosa has urged the private sector to help create job opportunities for young South Africans.

He made the comments on Wednesday in Johannesburg while addressing asset managers and other business people.

He added that he was going to appoint a Cabinet that would also assist in reducing unemployment.

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This comes as the president faces significant pressure to take action against the rising unemployment in South Africa. 

According to some estimates, unemployment is as high as 27,6% with little indication that it will decrease if current economic trends continue. Indeed, unemployment actually went up during the first quarter of 2019, according to eNCA.

Consequently, the president has stressed that job creation is one of the main priorities of his administration. He said that the issue "keeps me awake at night". As a result, he has courted numerous foreign investors and corporations in the hopes of drumming up much-needed investment in the country, Briefly.co.za has gathered.

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However, the president faces the unenviable task of balancing the concerns of the business sector with those of a substantial chunk of the electorate, which is hungry for radical economic transformation and land expropriation without compensation - policies which have spooked investors in the past.

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Source: Briefly.co.za

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