Cape town: President Cyril Ramaphosa in his State of the Nation Address (SONA) has announced that Cabinet has approved a comprehensive implementation plan to drive growth and inclusion in the country. "All our actions now are driven by the need for rapid and inclusive economic growth to create more jobs and better quality jobs," President Ramaphosa said in his address on Thursday evening in Cape Town. He said a stronger South Africa depended on a growing economy.
According to South African Government News Agency, the plan aims to revive growth by creating conditions for firms to invest by maintaining a clear and stable macro-economic framework, investing in infrastructure that works, creating a conducive regulatory framework that supports growth, enables competition, and focuses on a forward-looking industrial policy. President Ramaphosa emphasized that the foundation of the plan is investment, particularly in public infrastructure and labor-intensive growth sectors capable of future growth.
The President pointed out that infrastructure represents more than just investment in physical materials; it is an investment in jobs, productivity, and growth. He noted that fixed investment had been declining for years, but efforts are underway to change that trend. The government has committed over R1 trillion in public investment over three years to build and maintain infrastructure, marking the largest allocation of its kind in South Africa's history.
President Ramaphosa highlighted the transformative potential of this allocation, citing the Infrastructure Fund and new regulations for public-private partnerships as innovative funding models that reduce risk and attract investors. These measures aim to fast-track projects in energy, water, transport, and digital infrastructure. The launch of the first-ever infrastructure bond was more than two times oversubscribed, reflecting strong investor interest.
To avoid undue delays in critical projects, specialized courts for commercial matters with dedicated judges and court rolls will be established to ensure faster outcomes in economic and development-related cases. Additionally, efforts will begin this year to establish a professional State Property Company to manage the 88,000 buildings and 5 million hectares of land owned by the state, transforming them into engines of growth and development.
President Ramaphosa concluded by mentioning Operation Vulindlela, an initiative to transform the structure of the economy, improve infrastructure, and enhance the competitiveness and efficiency of the electricity, water, and logistics sectors.
