By Lehlohonolo Lehana.
Acting Minister in The Presidency, Maropene Ramokgopa briefed members of the media on the outcomes of the Cabinet meeting held on Wednesday, 4th September 2024.
The briefing highlighted significant economic gains, social developments, and government reforms.
Cabinet welcomed a slight improvement in the country’s economy, with Gross Domestic Product (GDP) growing by 0.4% in the second quarter of 2024.
The increase, according to Ramokgopa, was largely driven by the finance, real estate, and business services sectors, which contributed 1.3% to the overall growth.
“This slight but significant growth demonstrates that the South African economy remains resilient and offers a positive outlook for the remainder of the year,” said Ramokgopa.
The minister encouraged all sectors of society to build on this momentum, emphasising that such growth would lead to more job creation and improved living standards.
In addition, Ramokgopa highlighted a R1.1 billion investment in the automotive sector, specifically at the Dube Trade Port in KwaZulu-Natal.
The new manufacturing facility, established through a partnership between Toyota Tsusho Africa and Ogihara Thailand Corporation, marks a significant boost to South Africa’s foreign direct investment.
“This investment is a vote of confidence in our country’s economy and is a direct result of President Cyril Ramaphosa’s investment drive,” she added.
On the energy front, Eskom’s progress in stabilising the national grid was also acknowledged. Ramokgopa commended Eskom for its efforts.
“South Africans can expect no load shedding this summer due to the utility’s rigorous maintenance and recovery plans,” she said.
This development, the minister noted, is crucial to boosting business confidence and improving the quality of life across the country.
Furthermore, the recent approval of R178 billion in funding from the BRICS New Development Bank for infrastructure projects in water and sanitation was welcomed.
This investment is expected to reduce backlogs and ensure the provision of basic services to poor households, particularly in rural areas.
The briefing also touched on several key social initiatives, including the signing of the second Presidential Health Compact, which seeks to enhance access to quality healthcare through partnerships between the government, civil society, and the private sector.