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SA business leaders urge Ramaphosa to reform faster

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CAPE TOWN - South African business leaders on Wednesday urged President Cyril Ramaphosa to push through reforms faster to boost the economy and curb investment outflows, as executives and policymakers

gathered for a continental economic summit.

Ramaphosa and his senior ministers are hoping to use the World Economic Forum’s Africa summit starting on Wednesday in Cape Town to change investor attitudes to South Africa. “Investment follows the narrative, and where the narrative is sound and predictable, investment will flow naturally,” Takoordeen said, adding that South Africa was competing against other emerging markets for the same investment flows.Central bank governor Lesetja Kganyago said separately that South Africa needs to remain focused on structural reforms to lift potential growth and reduce unemployment.

Ramaphosa said earlier that stimulating growth and restoring the credibility of state institutions was an arduous task, given the country’s apartheid past and problems inherited from his predecessor, Jacob Zuma.

 

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