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“The far-reaching economic reforms we started in the sixth administration are showing results. We are emerging from a debilitating energy crisis that caused immense hardship for households and businesses. The country has now gone for 280 days without load shedding.
South Africa is beginning to reap what it sowed into its economy, by positioning itself as an attractive investment destination for both local and foreign investment; this is according to President Cyril Ramaphosa.
It is noteworthy that the country has been without load-shedding for 282 days and has resulting in year-on-year of diesel savings for Eskom worth more than R16 billion. The consistent and reliable power supply translates into business confidence into the country, no economic activity interruptions and no lost production time, especially in the mining sector which was negatively affected losing at least R1 billion a day.
During his new year’s speech, Ramaphosa said the economy of the country is on an upward trajectory, as inflation keeps on falling, making essential goods more affordable for households; more people are finding employment.
“In 2024, South Africa achieved its first primary budget surplus in 15 years. Public sector investment has risen for another straight year. There is increased investment in roads, rail, public housing, energy and water and sanitation infrastructure. Business confidence to enhance investments is on the rise,” said President Cyril Ramaphosa.
More comforting to business, is that, according to the President, international investor sentiment towards South Africa is positive and has improved, as more international companies are seeking to invest or expand their presence in South Africa.
According to Ramaphosa, the investment will benefit the country greatly as more jobs will be created, more livelihoods will be supported and local businesses will be sustained.
“The far-reaching economic reforms we started in the sixth administration are showing results. We are emerging from a debilitating energy crisis that caused immense hardship for households and businesses. The country has now gone for 280 days without load shedding.
We continue the work to get more power onto the grid, to drive massive new investment in electricity generation and to establish a competitive electricity market,” said Ramaphosa.
The South African economic had to deal with a number of challenges that affected its global image, amongst them was the logistics sector, billions were lost a day due to a malfunctioning sector. Serious reforms were required with implementable turnaround strategies, to which, according to Ramaphosa are now showing good results.
“Our logistics sector, which is critical to the functioning of our economy, has shown notable improvement following the corrective initiatives that we embarked upon in partnership with business, labour and Transnet. Our ports have reduced long delays in handling imports and exports, and rail freight is flowing more efficiently.
This will encourage greater investment and make them more efficient. Through the partnership between government and business – and through the ongoing cooperation with social partners, including labour – we are making real progress in removing the obstacles to faster growth and job creation,” he said.
