JOHANNESBURG – President Cyril Ramaphosa has said part of the country's response to boost economic growth, including the reassurance of agencies such as Moody’s Investors Service, which last week revised its outlook of South Africa from stable to negative, lay in prioritising implementing policy reforms, creating policy certainty, consistency and predictability for investors to have confidence in the economy.
Ramaphosa said the government had prioritised growth in important sectors such as automotive, clothing and textiles, gas, chemicals and plastics, tourism, renewable energy, oceans economy, agriculture, mining and beneficiation, the digital economy and the hi-tech industries.
“We have determined that we will move forward, effect far-reaching reforms and undertake the detailed work required to turn our economy around. We have fostered greater policy coherence and are improving alignment across the different spheres and entities of government,” he said.
Speaking at the second South African Investment Conference in Johannesburg yesterday, Ramaphosa said the government had embarked on a path that is illuminated by policy consistency and regulatory certainty, fiscal responsibility, and decisive interventions to stimulate economic activity.
South Africa dropped two places from 82 to 84 position in this year’s World Bank’s Ease of Doing Business Index, after implementing only one reform in the year to March.