President Cyril Ramaphosa is announcing the details of a stimulus package which his administration hopes will spark economic activity and secure confidence in sectors affected by regulatory uncertainty. The president's announcement comes two days after the package was approved by Cabinet.
The stimulus package is expected to include a defined set of economic reforms covering mining, telecommunications, tourism and transport.
On Wednesday, Communications Minister Nomvula Mokonyane said that Cabinet had also approved the Mining Charter, which had been released for public comment in June. Last year the minerals department was interdicted when then minister Mosebenzi Zwane pushed for the publication of the controversial charter in a Government Gazette.
The draft charter provides for mining companies to increase black economic empowerment ownership to 30% and for black South Africans to constitute 50% of board members 20% of whom should be black women.
Ramaphosa's announcement of the package comes after South Africa struggled to grow meaningfully over the past decade, and fell into a technical recession when GDP contracted for the second consecutive quarter in Q2.
WATCH THE ANNOUNCEMENT HERE:IOL