Cyril Ramaphosa: ‘South Africa dealing with insidious effects of corruption’

President Cyril Ramaphosa has stressed that government is dealing with the “insidious effects of corruption” that have been laid bare in the hearings of the State Capture Commission.

Ramaphosa delivered the keynote address at the 30th anniversary of Ninety One, formerly known as Investec, on Wednesday.

The president has now received all the three volumes of the Commission of Inquiry into Allegations of State Capture’s reports so far.

Full state capture report submitted

Ramaphosa said state capture had a huge impact on the country.

“Several agencies including the NPA’s Investigating Directorate, the Hawks, the Special Investigating Unit and the SIU Special Tribunal are hard at work with investigations, prosecutions and the recovery of funds. In all these respects, there is still a long way to go, but important progress is being made and results are being seen.

Ramaphosa said the same could be said of South Africa’s economy.

“The green shoots of recovery have broken ground and we can expect to see more and more signs of growth. The National Development Plan calls on us not only to grow our economy, but to ensure that it is an inclusive economy. We must pursue growth and transformation at the same time.”

The president said government is pursuing goals to improve the lives of South Africans at a time when the economy, alongside the economies of many other countries is confronting strong headwinds.

“Just as we have not been spared the economic impact of the global COVID-19 pandemic, so too will South Africa be affected by the conflict between Russia and Ukraine. We are already seeing the impact of the conflict on global commodity prices and, should the conflict continue, we will see its effects on many parts of our economy and in the daily lives of our people.”

“It is therefore vital that the international community work with the governments of Russia and Ukraine to end hostilities now and achieve a meaningful and lasting peace.”

Ramaphosa said the country is emerging from a period of significant turbulence and stagnation and understands Ninety One’s vision and ambitions to be closely aligned with the national goals to improve the lives of all South Africans, to attract greater investment, and to grow and transform the economy so it benefits everyone.

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