SA working on accelerating economic growth

Thursday, March 8, 2018

President Cyril Ramaphosa on Wednesday held discussions with Moody’s Investors Service representatives on the various initiatives underway to accelerate economic growth and create jobs.

In the meeting held at Tuynhuys in Cape Town, President Ramaphosa described the new mood of hope, renewal and unity in South Africa and the enthusiasm of its people to contribute to change and development.

“President Ramaphosa said this new enthusiasm was anchoring all efforts to confront the challenges facing South Africa, including government’s initiatives to increase investor confidence and reduce policy and regulatory uncertainty,” the Presidency said. 

President Ramaphosa told the agency that the fresh consultations on the Mining Charter, recent measures to strengthen Cabinet, changes in the board and management of power utility Eskom and the inquiry into State capture form part of government’s invitation to investors to come to South Africa.

The President underlined government’s determination to build a social compact of government, labour, business and civil society to advance investment, youth employment and community development.

Furthermore, he reaffirmed that accelerated land reform will unfold within a clear legal framework and without negatively affecting economic growth, agricultural production and food security.

President Ramaphosa said job creation was government’s most important priority and failure to create such opportunities constituted the greatest risk to the country.

Moody's Investors Service is a provider of credit ratings, research and risk analysis. The meeting with the agency comes just two weeks before Moody’s is set to announce its latest outlook on South Africa on 23 March.

This was the first time the agency has interacted with President Ramaphosa since he was elected President on 15 February 2018.

In November last year‚ Moody’s placed South Africa’s long-term foreign and local currency debt ratings of ‘BAA3’ (one notch above junk status) on a 90-day review for a downgrade. - SAnews.go.za

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