By Lehlohonolo Lehana.
President Cyril Ramaphosa says South Africa’s G20 Presidency had been guided by a clear vision that Africa must be central to the forum’s deliberations.
Ramaphosa addressed a working dinner with South African chief executives as part of the G20 Outreach Programme.
The President said the gathering would provide an opportunity to reaffirm the commitment of South African companies to the development of the continent, while encouraging reciprocal efforts to create more conducive conditions for doing business across African borders.
He acknowledged the significant role the Business B20 (B20) has played in connecting businesses with governments during South Africa’s G20 Presidency, noting that many of the executives present had contributed to those deliberations.
As the continent’s most industrialised and diversified economy, the President said South Africa is well-positioned to drive investment and trade across Africa. He pointed to encouraging signs within the domestic economy, including improved employment figures, another projected primary budget surplus, and progress in reducing sovereign debt.
He also highlighted several key developments, including South Africa’s exit from the Financial Action Task Force (FATF) grey list after two years of reforms, last week’s sovereign credit rating upgrade by S&P, and dramatic improvements in electricity supply.
The President added that progress at ports and railways was also beginning to show.
“Despite these positive developments, headwinds remain,” the President cautioned, adding that South Africa must strengthen its capacity to compete and produce in a complex and uncertain global economic environment.
Ramaphosa commended South African firms for their agility and innovation in navigating challenges over many years, attributes he said should now be leveraged as companies explore new markets across the continent.
Central to unlocking these opportunities, he said, is the implementation of the African Continental Free Trade Area (AfCFTA), which will profoundly transform market access through enhanced regional integration and cross-border value chains. The agreement stands to open a market of 1.4 billion people with a combined GDP of US$3.4 trillion.