PRESIDENT Cyril Ramaphosa said on Thursday that government’s investment drive to raise R1.2 trillion in five years is within reach.
Ramaphosa was addressing Parliament during his budget vote speech on Thursday.
Earlier, his speech was delayed and disrupted by several members of opposition parties in light of a criminal complaint lodged against the president following the alleged theft of foreign currency from his Limpopo game farm in 2020.
Irate members of the Economic Freedom Fighters (EFF) objected to Ramaphosa’s presence in the chamber, saying he was a ‘murderer’, a ‘criminal’ and a ‘money-launderer’.
But Ramaphosa was later allowed to continue with his speech after EFF members were physically removed from the chamber.
He told Members of Parliament (MPS) that ordinary South Africans did not care about the political squabbles, the competition between political parties, the intrigues, the plots and the rivalries seen in Parliament.
He said ordinary people were more concerned about jobs, services and opportunities to better themselves and their lives.
“When this administration took office three years ago, we embarked on a path of renewal to restore the promise of our democracy. And we have come a long way,” Ramaphosa continued.
“The economic recovery is gathering momentum, and the GDP growth figures speak for themselves, as does the steady uptake of domestic and foreign investment.”
Ramaphosa said the state is being steadily rebuilt and credibility is being restored.
“I also present this Budget Vote in the year that the 4th South Africa Investment Conference raised investment pledges to the value of R332 billion. This brings us within reach of the target we set in 2018 of attracting R1.2 trillion in investment over five year,” he said.
He said despite recent challenges in the country, there is cause for optimism as SA’s economy is beginning to show positive signs of recovery.
“I present this Presidency Budget Vote in the week that Stats SA announced that in the first quarter of 2022 the South African economy grew by 1.9 percent. The growth we have experienced in recent quarters has brought the economy to pre-pandemic levels much sooner than analysts expected,” he said.
Ramaphosa added the latest job figures and GDP data are an indication that the country is turning the corner and returning to pre-COVID-19 pandemic growth levels.
He said the real GDP is slightly higher than what it was before the pandemic.
The recovery is consistent across most of the major sectors of the economy, such as manufacturing, trade, utilities, finance, personal services, mining, and agriculture.
“In recent weeks, there has also been encouraging progress by law enforcement authorities in pursuing cases from the state capture era,” he said.
“These are the green shoots of recovery and of progress. These are the signs that we are on the right track. They give us hope and confidence to forge ahead.”
Ramaphosa added that the country’s trade figures show further evidence of economic recovery.
“In 2021, we posted the largest trade surplus on record at R448 billion, the highest since 1987,” he said.
He further said that the latest Quarterly Labour Force Survey was released and showed that the number of unemployed people in the country dropped in the first three months of 2022.
“This translates to 370 000 jobs created between the last quarter of 2021 and the first quarter of this year,” he said.
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