South Africa’s recently-elected President, Cyril Ramaphosa is working to restore confidence in his country’s economic landscape.
Ramaphosaha has said that his administration is fostering the creation of an enabling environment for investment.
Speaking in London as he led a South African delegation to this year’s Commonwealth Heads of Government Meeting (CHOGM 2018) on Thursday, 19th April, 2018, the Head of State noted that his “effective management of the leadership transition in government” was ushering in a new era of hope and confidence.
The President said that his efforts are already yielding positive results as South Africa’s growth forecasts are being revised upwards.
The International Monetary Fund (IMF) recently raised its growth forecast for South Africa from 0.9% in 2018 and 2019, to 1.5% and 1.7%, respectively.
The IMF published its April World Economic Outlook for 2018, stating that the revision was thanks to the recent changes in leadership.
As such, President Ramaphosa said that his 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,” he explained.
President Ramaphosa met with other government heads at the event to drum up support for his initiatives, including Uganda’s President, Yoweri Museveni.
Ramaphosa also met with Australian Prime Minister, Malcolm Turnbull ahead of the Commonwealth Heads of Government Meeting.
The Commonwealth consists of 53 members including 19 African members states, 7 Asian states, 13 members from the Caribbean and the Americas, 3 members from Europe and 11 members from the Pacific.
The organization meets every two years to discuss issues affecting both the Commonwealth members and the international community in general.
Ramaphosa has been keen to use the event as a platform to raise South Africa’s economic profile.
He noted that his government is working to consolidate fiscal debt and rein in public expenditure.