SA on the road to economic recovery

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South Africa is on the road to economic recovery and government is creating an enabling environment to boost investor confidence.

This was an assurance given by President Cyril Ramaphosa to investors and business leaders in London on Wednesday.

The President held various engagements including attending the Commonwealth Business Forum’s African Leaders’ Round table, a working lunch with senior international investors and business leaders hosted by Bloomberg and the Commonwealth Business Forum Heads of Government Round table with senior Business leaders.

President Ramaphosa told the investors that the creation of an enabling environment for investment included the effective management of the leadership transition in government; ushering in a new era of hope and confidence.

In this regard, he indicated that such efforts are already yielding positive results as business confidence and investor sentiment are showing signs of improvement and growth forecasts being revised upwards.

“Government is initiating measures to set the economy on a new path of growth, employment and transformation. We are moving swiftly to restore the credibility, stabilise the finances and improve the operational performance and governance at state owned companies,” said the President.

The President further said although under difficult fiscal conditions, “government is working to consolidate fiscal debt and rein in public expenditure”.

President Ramaphosa is in London leading the South African delegation to the Commonwealth Heads of Government Meeting (CHOGM 2018) which starts today.

He is expected to attend a working breakfast for Heads of Government and Commonwealth representatives, the CHOGM 2018 opening ceremony, the official welcome ceremony hosted by the Prime Minister and attend a number of executive sessions.

The Commonwealth consists of 53 members including 19 African members, 7 Asian members, 13 members from the Caribbean and the Americas, 3 members from Europe and 11 members from the Pacific and meets every two years to discuss issues affecting both the Commonwealth members and the international community in general.