President Cyril Ramaphosa addresses the World Economic Forum, emphasizing the need for South Africa to prioritize economic growth after a decade of stagnation and challenges.
President Cyril Ramaphosa emphasized the urgency for South Africa to accelerate economic growth, stating that after a decade marked by stagnant growth, state capture, and a health pandemic, the nation needs to prioritize this crucial aspect. Addressing a Brand SA business dinner at the ongoing World Economic Forum in Switzerland, Ramaphosa highlighted that the structural reforms being implemented aim to establish a solid foundation for sustained growth.
Accompanied by Finance Minister Enoch Godongwana, who affirmed the government's dedication to economic expansion, Ramaphosa underscored that structural transformation is pivotal in shaping the country's competitive advantage, stimulating economic activity, and attracting investment. Recognizing South Africa's role as the host of the G20, Ramaphosa emphasized the significance of using this platform to bring attention to critical financial and climate change issues that disproportionately impact developing nations. He stressed the need to hold developed countries accountable for fulfilling their commitments to address climate change.Ramaphosa specifically pointed to the issue of debt burden faced by developing nations, which often pay significantly higher interest rates compared to more developed economies. He also expressed confidence in South Africa's ability to serve as a model for global collaboration, citing the swift formation of a Government of National Unity (GNU) as a testament to this capability. This unity was further exemplified by Ramaphosa's unprecedented decision to invite ministers from other political parties to accompany him to the World Economic Forum, marking a significant moment of political inclusivity.
ECONOMY SOUTH AFRICA RAMAPHOSA WORLD ECONOMIC FORUM STRUCTURAL REFORMS CLIMATE CHANGE DEBT
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