– South African President Cyril Ramaphosa secured about 200 billion rand of investment pledges, mainly from domestic companies, on Wednesday as part of his drive to boost flagging economic growth.
“The new investments over five years are with the view of addressing low economic growth and reducing unemployment,” Ramaphosa said. “It is pleasing to see that investors still consider South Africa as a country that has much to offer.” The scale of the challenge Ramaphosa faces was underlined by Finance Minister Tito Mboweni’s bleak medium-term budget speech last week, which slashed this year’s growth forecast to 0.5% and showed government debt would shoot up to more than 70% of gross domestic product by 2023.
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