Pressident Cyril Ramaphosa said the jobs created over the past few years have not kept up with population growth. File Photo: IOL

CAPE TOWN – President Cyril Ramaphosa said on Thursday that the jobs created over the past few years have not kept up with population growth.

The president said this when delivering the opening address at the two-day National Economic Development and Labour Council (Nedlac) jobs summit which began in Johannesburg on Thursday.

In his address the president expressed contempt for state capture and corruption, which he said had undermined investor confidence and public trust, eroded key institutions of the state and diverted resources intended to support development.

“Our economic performance has also been undermined by state capture and corruption in both public institutions and private companies,” said Ramaphosa. 

The president said significant levels of public investment in infrastructure, which kept the economy afloat following the 2008 global financial crisis, has been tapering off as consumption spending and debt servicing has consumed a greater portion of our budget.

Business Unity (Busa) vice-president Martin Kingston said earlier this week that the two-day Nedlac jobs summit should be considered as more of a process than an event.

BUSINESS REPORT ONLINE