Cyril Ramaphosa was elected as South Africa's new president on Thursday. PHOTO: Cindy Waxa/ANA
JOHANNESBURG - South Africa faces “tough decisions” to reduce the size of its fiscal deficit and stabilise its debt after years of weak growth, President Cyril Ramaphosa said on Friday in a State of the Nation address the day after being inaugurated.

Ramaphosa also said his government was committed to “policy certainty and consistency”, in contrast to his predecessor, Jacob Zuma, who resigned this week on the orders of the ruling African National Congress. 

"We will expect this [jobs] summit to come up with practical solutions and initiatives that will be implemented immediately," Ramaphosa said while delivering his first State of the Nation Address after succeeding Jacob Zuma, who resigned under pressure this week, as South Africa's new head of state.

"We will make a major push this year to encourage significant new investment in our economy. To this end, we will organise an investment conference in the next three months, targeting both domestic and international investors, to market the compelling investment opportunities to be found in our country."

Ramaphosa's government would work towards making South Africa a more industrialised country.

"We are going to address the decline over many years of our manufacturing capacity, which has deeply affected employment and exports," said Ramaphosa.

- REUTERS / BUSINESS REPORT ONLINE