Ramaphosa: SA has 'ingredients' for economic recovery despite Covid-19

Ramaphosa: SA has 'ingredients' for economic recovery despite Covid-19

- President Cyril Ramaphosa has discussed the economic challenge that walks hand-in-hand with the Covid-19 pandemic

- Ramaphosa insists that the nation has everything it needs to recover from the economic damage caused

- However, the president highlighted the need to recovery to take place now and not after the pandemic

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President Cyril Ramaphosa says that South Africa has all the ingredients it needs to recover from the economic damage caused by the Covid-19 pandemic.

The president acknowledged the severe economic impact of the crisis, saying that a drastic decline in economic activity and investor confidence was noted in recent days:

“Despite the support measures we have put in place, businesses are being forced to close and jobs are being lost. The path to recovery will be long and difficult so it needs to start now.”

Ramaphosa highlighted that numerous plans were under discussion, including fundamentals like energy, access to broadband spectrum and efficient transport:

“Working with our social partners we must speed up the pace of implementation so we can rebuild the base of our economy.”
Ramaphosa says economic recovery needs to take place before the pandemic ends. Image: GCIS
Source: Twitter

READ ALSO: Herman Mashaba takes Ramaphosa on over Covid-19 fund corruption

The president said that there had been an immense emphasis on improving execution in all the proposals put forward:

“They all say we should seek out pockets of excellence in the state and support and deepen them. But they also say we must look outside the state. We need to bring together the best available local skills, whether in business, academia or civil society, to support our common programme."

Earlier, Briefly.co.za reported that Ramaphosa had acknowledged allegations of corruption in relation to the R500 billion Covid-19 relief fund. Ramaphosa vowed that consequences will be 'very, very severe' for those caught red-handed.

Ramaphosa said that a 'coordinating centre' has been established to reinforce efforts between law enforcement agencies and to help investigate corruption allegations. These allegations relate to social relief grants, the procurement of personal protective equipment and the distribution of food parcels.

The president revealed, without going into details, that 36 cases are currently at an advanced stage of investigation. The coordinating hub is based at the Financial Intelligence Centre and sees nine state institutions brought together.

This includes the Independent Police Investigative Directorate, the National Prosecuting Authority, the Hawks, the South African Revenue Service, the State Security Agency and the Special Investigations Unit.

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Source: Briefly.co.za

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