Presidential Economic Advisory Council discusses measures to support economic growth, job creation

Thursday, January 18, 2024

Despite the progress made in putting in place fiscally, socially and environmentally sound economic policies, the Presidential Economic Advisory Council (PEAC) has noted that significant challenges remain.

“In its assessment of the current economic environment, the PEAC highlighted fiscal risks, the poor performance of state-owned enterprises, ongoing load shedding, historical underinvestment in infrastructure, and rising levels of crime as the most urgent obstacles to growth,” the Presidency said on Wednesday.

In its meeting, chaired by President Cyril Ramaphosa, the PEAC welcomed the actions currently underway to address these challenges, and discussed proposals to strengthen state capacity, professionalise the public service, and improve the governance of state-owned enterprises.

Further proposals included a proactive green industrial strategy to harness South Africa’s significant renewable energy resources, support for small businesses and the informal sector, and measures to accelerate implementation of the Energy Action Plan and end load shedding.

The President chaired the meeting of the PEAC to discuss current economic developments and measures to support economic growth and job creation.

“Members of PEAC commended the progress made in advancing economic reform, including in the energy, transport, and telecommunications sectors, as well as in rebuilding state institutions that were weakened by state capture.

“The recently released results of Census 2022 show that the quality of life has improved for millions of South Africans since the previous census, including through expanded access to education, water, electricity, housing, and other basic services,” the Presidency said.

Finally, the PEAC discussed South Africa’s role in advocating for the reform of the international financial architecture.

The PEAC further supported the call for appropriate financing mechanisms to support the climate transition in developing countries.

The Presidency said the analysis and recommendations provided by PEAC continue to play a key role in informing government policymaking. –