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.
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)