Oral Q&A: Ramaphosa says lack of economic reform, power crisis holding back growth

By Simon Nare

President Cyril Ramaphosa has admitted that the failure to reform South Africa’s economy has held back growth, while the electricity crisis has further deterred investment.

Ahead of oral questions, the ATM, Economic Freedom Fighters (EFF) and MKP members walked out of the National Assembly over the Constitutional Court’s Phala Phala ruling.

Answering oral questions in the National Assembly on Thursday, Ramaphosa said the structure of the economy has contributed to sluggish growth in the formal private sector and created barriers to small business formation.

“The other challenge, as I said, is the concentration of our economy in terms of ownership. Our economy is small, but it is too concentrated. That has been commented on by international bodies like the World Bank and the International Monetary Fund, who have said one of the key challenges of the South African economy is that it is too concentrated,” Ramaphosa told