President Cyril Ramaphosa noted in the Presidency Budget Vote of 2024 that his presidency, and as such government, will focus on several initiatives that look to drive inclusive growth and job creation.
He also said that top of his list of priorities is tackling poverty and the high cost of living.
“As the strategic centre of government, the Presidency bears the responsibility for coordinating the work of government to ensure that these priorities are implemented,” Ramaphosa said.
“At this crucial moment in our country’s history, as we confront many challenges, what South Africans want to see is action. Our job is to deliver on the commitments that we have made as the Government of National Unity.”
Infrastructure
The president noted that developing South Africa’s infrastructure was another cornerstone of the administration.
“Our overriding priority for the next five years is to achieve more rapid and inclusive economic growth so that we can create jobs, reduce poverty, and build a more just and equal society,” he said.
“To achieve this, we must configure the system of government to support a significant expansion of investment in infrastructure. We have seen the value of collaboration in pursuing this objective. Through Infrastructure South Africa, we have been able to draw on private sector expertise and skills to improve the preparation, financing and implementation of infrastructure investment.”
Ramaphosa said that through the Infrastructure Fund, government is going to explore new approaches to blended financing of infrastructure, using the fiscus to leverage additional funding from the private sector, development finance institutions and other sources.
Investment
The president said that government is going to continue to work with companies, financial institutions and business organisations during the course of SA’s investment drive.
“In 2018, we set a target of mobilising R1.2 trillion in new investments over five years. By the conclusion of the fifth South Africa Investment Conference last year, we had exceeded that target, raising over R1.5 trillion in new investment commitments,” he explained.
“A vital part of this work was undertaken by the Investment Envoys we appointed to engage with potential investors and identifying opportunities and challenges. We have had an opportunity to visit many of the factories and projects that have been built or expanded as a result of these investments. And we have seen the many jobs they have created.”
Operation Vulindlela
The president praised “Operation Vulindlela” and said that the project has helped SA on its path to create economic growth and reduce poverty, unemployment and inequality.
“By alleviating load shedding, improving the performance of the logistics system, reducing the cost of data, improving water supply, and enabling the country to attract the skills it needs, the reforms already under way will provide a significant boost to the economy in the medium term,” he emphasised.
The president said that in addition, these reforms will support the repositioning of strategic state-owned enterprises by strengthening their balance sheets and improving their operational performance.
“A recent independent study released by the Bureau of Economic Research estimates that the reforms undertaken under the auspices of Operation Vulindlela could increase real GDP growth to 3.5% by 2029,” he said.
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