President Cyril Ramaphosa said on Tuesday that government and private sector representatives believes growth of five percent and more is possible for South African economy, provided certain enablers for the economy are realized and key inhibitors are eliminated (Pics: The Presidency)

JOHANNESBURG – President Cyril Ramaphosa said on Tuesday government and private sector representatives believed growth of 5 percent and more was possible for the South African economy, provided certain enabling factors were in place and key inhibitors were eliminated.

He made the statement at a meeting of leaders of government and business under the Public-Private Growth Initiative (PPGI) in Midrand. The PPGI has for several months engaged on building a closer relationship between government and the private sector to help align the plans and objectives of the two sectors.

Ramaphosa was briefed on plans by economic sectors such as manufacturing, aerospace, mining, energy, tourism and automotive to increase their respective contributions to GDP, sustain existing employment, to develop skills, and to achieve transformation.

In construction, the PPGI cited a lack of infrastructure planning and implementation alongside high tariffs that reduce South Africa's competitiveness. In the case of tourism, the collective called on government to speed up visa application and eVisa processes.

Ramaphosa said the PPGI expressed it s confidence that a higher growth trajectory for the South African economy was within reach between now and 2023, with investment of at least R500 billion achievable in specific economic sectors.

The PPGI also outlined enabling and inhibiting factors that impact on growth plans and called on government to address selected inhibitors in individual sectors such as construction, forestry, tourism, manufacturing, energy/renewal energy and health.

The PPGI update was presented to Ramaphosa in the build-up to his February 7 state of the nation address, to ensure that his assessment of developments in the economy include the diverse actions developed by the private sector to contribute to renewal and growth in the country.

Ramaphosa commended the PPGI's "enthusiasm and confidence about where we should be going as a nation" and said the group's report indicated that "South Africa is about to get back to its magical winning ways".

African News Agency (ANA)