The South African government is busy clearing economic growth roadblocks by implementing a series of interventions aimed at untangling several challenges stifling the country’s economic growth prospects in view of climate change and the Covid -19 pandemic, Finance Minister Enoch Godongwana has said.
Godongwana said this when he addressed the opening of the 9th Southern Africa/Europe Chief Executive Officers Dialogue in Johannesburg on Thursday.
Godongwana said his government’s focus has been on the implementation of structural reforms to improve competitiveness, industrial policy to boost manufacturing, and measures to strengthen the capacity of the State.
“We are doing this within a clear and stable macroeconomic framework, including a stable and flexible exchange rate, low and stable inflation, and sustainable fiscal policy,” he said.
He added: “On structural reforms, we are creating a competitive energy market, dealing with inefficiencies in our ports and rail network, addressing our visa regime to attract skills and investments, and are reforming our water and telecommunications sectors.”
He said work continued to build a capable and developmental State, which “is a necessary precondition for inclusive growth.”
The minister called on the business leaders in Southern Africa and Europe to strengthen investment, and to support industrialisation and the development of sustainable and resilient value and supply chains in the two regions.
“The African continent is devastated the most by the worsening effects of climate change, which pose an existential threat to humanity. We are committed to the goal of a just energy transition,” the minister told the delegates.
He said South Africa planned to accelerate investment in new generation capacity, “while preserving the livelihoods of communities adversely affected by the transition from coal and other fossil fuels.”