During the African National Congress (ANC)’s 106th birthday celebrations in Port Elizabeth, Cyril Ramaphosa claimed that 2018 will see a transformation to the economy, and that investment in the country would be at the forefront of his plans to lead the party.
Cyril wowed the crowd with a determined speech that promised a fairer economy, and more equal society for South African citizens.
Ramaphosa used his maiden speech of 2018 to clearly outline his plans to stimulate growth in SA. It seems the new ANC chief seems to be a bigger fan of communicating openly.
How Cyril Ramaphosa plans to fix South Africa’s economy
- Create unity in both the party, and the economy.
- Engage with veterans of the ANC to help rebuild the party
- Reverse the effects of apartheid and the dysfunctional economy it created
- Protect an extensive social care programme
- Begin implementing radical economic transformation strategies
- Throw SA’s doors open to foreign investment, building strong partnerships between businesses and civil society
- Create one million new jobs for the youth over the next three years
- Stimulate growth in tourism, agriculture and mining industries
- Forge strong links with Kenya, to succeed together
- Change ownership and economic patterns to empower black, female and young workers.
- Launch a minimum hourly wage from May 1 2018
Key points from Ramaphosa’s #ANC106 speech
“Radical Economic Transformation will ensure that political freedom grows side by side with freedom from hunger and suffering. We are building an economy where all of South Africa can flourish: One that benefits the country as a whole, not just a few privileged individuals.”
“Our vision is for an economy that encourages and welcomes investment, rather than one that chases it away. As we stand here, we say South Africa is open for investment. We invite everyone to come and invest here, so we can end poverty, create jobs, beat inequality, and do it by increasing the number of people involved.”
“We are going to accelerate transformation by creating a million new job opportunities for our youth over the next three years. We also need to stimulate demand for local goods. Our strategy focuses on sectors with great potential for growth where we can make the most of our resources, like in tourism, agriculture and mining.”
“White Monopoly Capital constrains growth and transformation. We are working to change ownership structures and economic patterns, to empower black people, women and the youth. We want black people to be owners, operators, and controllers in business.”
“A National Minimum Wage will be launched on May 1 2018. It is a minimum wage, not a living wage. But it sets down a minimum payment structure for our workers.”