President Cyril Ramaphosa Photo: ELMOND JIYANE/GCIS

Johannesburg - Despite the significant problems created by unethical leadership, corruption, and state capture under former president Jacob Zuma, President Cyril Ramaphosa has started significant process towards recovery, the Chamber of Mines of South Africa said on Saturday.

The chamber noted the decision by credit ratings agency Moody’s Investor Services to maintain South Africa’s local and foreign currency debt ratings at Baa3, and welcomed the revised outlook for the local economy to stable from negative, the chamber said in a statement.

Further, the chamber shared the agency’s view that the previous weakening of the country’s institutions would reverse under a more transparent and predictable policy framework and that, should the recovery be sustained, there would be a corresponding recovery in the economy and a stabilisation of fiscal strength.

The chamber remained of the view that a concerted leadership focus on creating an attractive policy, regulatory, and governance environment through ethical leadership, good governance, and the adoption of competitive, stable, and predictable policies was critical to ensuring that the mining industry and South Africa as a whole returned to its rightful position as an attractive investment destination.

"Despite the significant challenges created by unethical leadership, corruption, and state capture under the previous administration, President Ramaphosa has started the significant process towards recovery, including making changes to cabinet, and improving governance in key institutions such as Eskom and SARS [South African Revenue Service]."

Much still remained to be done, but progress had been steady, which at this early stage was a clear indication of the president’s stated commitment to ethical leadership and governance in state institutions and to addressing the structures, effectiveness, and governance of state-owned enterprises.

The mining industry remained committed to playing its part in working with government and other stakeholders to building the nation in the interests of a better future for South Africa, the chamber said.

African News Agency/ANA