Ramaphosa showcases SA investors amid tense relations with African nations

Staff Reporter

President Cyril Ramaphosa says South Africa needs an urgent reform of its investment promotion strategies if it is to position itself as a global investment destination and reach its R1.2 trillion funding target. But with an unstable economy and ailing state owned enterprises Ramaphosa has admitted it might be a while before the country sees results that are tangible enough to address slow economic growth and rising unemployment.

He was speaking at the World Economic Forum on Africa (WEFA) on Wednesday, which takes place against the backdrop of violent Xenophobic attacks in Gauteng and threats by African leaders to skip the event. Yesterday Stats SA announced an unexpected 3.1% growth of South Africa’s economy in the second quarter of 2019 driven mainly by the mining sector. Ramaphosa said although the growth gave a semblance of hope, it was not enough to begin to address South Africa’s challenges. “The