Cape town: President Cyril Ramaphosa has affirmed that the Presidency is resolutely focused on driving economic growth to transform the lives of all South Africans. The President delivered his reply to the Presidency Budget Vote debate in Parliament on Wednesday. He emphasised that economic growth is not an 'abstract concept' without real world consequence.
According to South African Government News Agency, the President stated that economic growth is about tangible outcomes such as employment opportunities for young people, the expansion of small businesses, and instilling confidence in investors to build factories and enterprises. "Our task is therefore not simply to grow the economy. It is to ensure that growth is inclusive, sustainable, and capable of transforming the lives of ordinary South Africans," Ramaphosa said. The Presidency remains committed to growing an inclusive economy and creating jobs, undeterred by distractions or narrow agendas.
Tackling the pressing issue of youth unemployment, the President acknowledged it as one of the greatest threats to South Africa's future prosperity and social stability. Statistics South Africa reported an unemployment rate of 60.9% for those aged 15-24 and 40.6% for those aged 25-34. In response, the Presidency has been central to driving mass public employment initiatives like the Presidential Employment Stimulus, which has created work and livelihood opportunities for over 2.5 million unemployed citizens.
The President highlighted several achievements, including the Energy Action Plan and Eskom's generation recovery programme, which have effectively ended load shedding. Efforts to address corruption and dysfunction at Transnet have resulted in increased rail volumes and vessel traffic, boosting its financial position. Additionally, Operation Vulindlela is implementing reforms in critical sectors such as electricity, telecommunications, logistics, and water, improving conditions for investment and economic growth.
Investment conferences and task teams have played a pivotal role in reversing the previous stagnation of South Africa's fixed investment. The SA Investment Conference has secured R1.5 trillion in investment pledges over five years, with R634 billion already invested in various sectors, sustaining and creating employment. Ramaphosa noted that the recent conference recorded the highest cumulative value of pledges, encouraging further ambitions for economic growth.
The President delivered The Presidency's Budget Vote in the National Assembly on Tuesday.