SA President Cyril Ramaphosa

JOHANNESBURG - The nearly R290 billion President Cyril Ramaphosa said had been committed by local and international companies at a South Africa investment summit he convened last month will add around R338 billion to GDP over the period 2019-2024, audit firm PwC said on Wednesday.

The money will go towards Ramaphosa's goal to raise US$100 billion or R1.2 trillion over the next five years as his government tries to kickstart the stalled economy.

Citing calculations by its economists, PwC said an estimated 825,000 direct and indirect jobs on average per year would be created or sustained, generating an estimated R59 billion in additional government revenue.

"The investment will enable some R468.8 billion in potential production from 2025 to 2035," it said.

"This production would, over the ten-year period, add an estimated R505 billion to SA’s GDP and generate an estimated R133 billion in government revenue."

- African News Agency (ANA)