‘SA’s star rising,’ Ramaphosa says, as CEOs pledge support for economic reform [VIDEO]

At least 140 CEOs from South Africa’s leading companies have pledged to renew their financial and practical support for President Cyril Ramaphosa’s economic reform initiatives for the country.

Both the government and the business sector have committed to providing greater resources to help achieve Ramaphosa’s national objectives of inclusive growth and job creation.

Watch Discovery CEO Adrian Gore speaking about big business partnership with government

President Cyril Ramaphosa meets with over 80 top CEOs this evening in Johannesburg to sign the second phase of the state's partnership with the private sector. Discovery group CEO Adrian Gore said at the meeting: "It's been a fantastic first phase; this model helps countries'… pic.twitter.com/AJYaBdpHJ5

— Newzroom Afrika (@Newzroom405) October 1, 2024

Partnership

They set their sights on three percent of economic growth by 2025, as the public and private sectors tally the impact of their partnership.

Government and big business joined forces over a year ago in a rush to address economic challenges at a time when the country suffered several blows, including energy, crime and corruption.

ALSO READ: GNU having ‘positive effect’ on business confidence − Ramaphosa

Ramaphosa joined scores of CEOs in Sandton on Tuesday evening to launch the second phase of the initiative.

‘Fantastic first phase’

Discovery CEO Adrian Gore said growth and job creation are the top priorities in the second phase, adding that the 3% growth target will not be an easy feat.

“From our perspective, the partnership has been an unequivocal success. It is quite incredible how different things feel a year later. This partnership has been different and special… reaching 3.3% GDP growth is a stretch, but so was ending load shedding.”

Gore said the achievement of collectively turning the corner of load shedding was an “amazing achievement in that first phase.”

“We’ve come along, a lot of lessons learnt. The sense that you can make a change quickly, I  don’t think when we started out, we would have sensed we could make the difference collectively so quickly, kind of gave us a sense of confidence.

“And the other I would say, is it’s a fantastic model for developing economies. You’re bringing kind of expertise together, and you’re getting real attraction and so it really has been a fantastic first phase,” Gore said.

GNU

Ramaphosa assured the business leaders of political stability, saying the government of national unity (GNU) is singing from the same hymn sheet despite policy differences.

“During the sixth democratic administration, we initiated a programme of far-reaching economic reform through Operation Vulindlela. This was a government-wide initiative to accelerate growth and address the binding constraints that have held back our economy.

“We are now seeing the impact of those reforms.  Thanks to the work that has been underway, drawing on the efforts of all social partners, a new era of hope and promise is emerging,” Ramaphosa said.

Next phase

Ramaphosa said government’s partnership with business has played an essential role in supporting and accelerating the agenda for growth and jobs.

“We are launching the next phase of this partnership with a Government of National Unity that represents the strength in our diversity.

“As we approach the first 100 days of this seventh administration, the collaborative spirit among political parties and all social partners – and the drive to get things done – has been on full display,” Ramaphosa said.

“South Africa’s star is rising.  It is up to all of us to ensure that this partnership becomes an essential part of a new era of unity, collaboration and prosperity for all,” Ramaphosa said.

Ramaphosa added that the GNU “is fully committed to following through” on the reform agenda and achieving more rapid and inclusive economic growth.

ALSO READ: People have lost faith in government stopping crime, but there are successes – Ramaphosa