Cape town: President Cyril Ramaphosa announced that South Africa's economy is showing signs of recovery, marked by renewed investor confidence and sustained growth, indicating the country is 'turning a corner'. During the inauguration of Ninety One's new offices in Cape Town, he emphasized the investment as a strong vote of confidence in the nation's economic future.
According to South African Government News Agency, President Ramaphosa highlighted improving economic indicators, such as four consecutive quarters of GDP growth, stabilizing national debt, and three years of primary budget surpluses. These developments, coupled with structural reforms, are making South Africa an increasingly attractive destination for global investors.
The President stated that the financial sector remains a cornerstone of the economy, contributing over a fifth of GDP and generating around 25% of corporate income tax while supporting nearly three million jobs. Efforts are underway to strengthen the sector and position the country as a global financial services hub, especially for firms targeting African and emerging markets.
Progress in key reforms was also noted, including improvements in energy supply, rail, and port operations, alongside efforts to attract private sector investment. The government plans to spend over R1 trillion on infrastructure in the next three years to unlock further private investment through public-private partnerships.
President Ramaphosa emphasized the importance of collaboration between government and business in achieving recent economic progress, particularly in stabilizing state-owned enterprises and restoring governance. Milestones such as South Africa's removal from the Financial Action Task Force grey list and its first sovereign credit rating upgrade in nearly two decades were also highlighted as signs of economic improvement.
The expansion of Ninety One was described as a testament to the strength of South Africa's financial sector and local talent, showcasing the country's potential to play a leading role in the global financial services industry.
