Economic recovery on the cards

SoNA 2018

South Africa's new President Cyril Ramaphosa has given the country and its people hope for the future.

Government and South Africans  are determined to confront the challenges facing the country to accelerate progress in building a more prosperous and equitable society.

These were some of the uplifting words President Cyril Ramaphosa had for South Africans when he delivered his first State of the Nation Address (SoNA) in Parliament in Cape Town recently.

For many years South Africa’s economy has not grown at the pace needed to create enough jobs or lift citizens out of poverty. Even though poverty levels rose in 2015, unemployment increased and inequality persisted, President Ramaphosa said that there is a greater sense of optimism among citizens.

“Our people are hopeful about the future,” he said to the applause of guests.

 Business confidence among South African companies has improved and foreign investors are looking anew at opportunities in South Africa.

“Some financial institutions have identified South Africa as one of the hot emerging markets for 2018. Our task, as South Africans, is to seize this moment of hope and renewal, and to work together to ensure that it makes a meaningful difference in the lives of our people,” the President said.

 This year government will initiate measures to set the country on a new path of growth, employment and transformation. This will be done, the President said, by getting social partners in the country to collaborate to build a social compact on which the drivers of economic recovery will be created.

"Tough decisions have to be made to close our fiscal gap, stabilise our debt and restore our state-owned enterprises to health,” he said.