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    South Africa-Economy-Governance

    S/African leader, CEOs vow to improve governance of state firms

    APA-Pretoria (South Africa)

    South African President Cyril Ramaphosa and chief executive officers (CEOs) of the country’s state-owned companies (SOCs) on Wednesday committed themselves to improve governance of the SOCs in order to ensure economic growth in the country, the presidency said.

    “They have further committed to key actions to leverage the power and scale SOCs as a cohesive and effective group contributing to economic growth through improved governance, economic recovery, SOC reform and transformation encompassing procurement practices, develop finance and support for women in skills and business development,” the high office.

    In his maiden State of the Nation Address in February, Ramaphosa noted governance challenges, fragmentation of the work of the SOCs and lack of alignment between them and priorities of government, which directly impacted issues of poverty, unemployment and inequality.

    He further committed that government would stabilise SOCs and put measures in place that would see these companies fulfil their economic and developmental mandates.

    During the meeting with the president, the CEOs presented proposals on initiatives for economic recovery – including advanced manufacturing; creating meaningful employment in the agricultural sector; monetising digital capabilities to boost the economy, and the development of logistics systems to enable and accelerate economic growth.

    “President Ramaphosa has welcomed the commitment of CEOs to reposition SOCs as enablers of growth, driven by a common vision and higher levels of cooperation and synergy.

    “President Ramaphosa will continue to meet with different SOC chief executives in due course,” the presidency said.

    NM/jn/APA

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