President Cyril Ramaphosa says the economic conditions that the country is currently facing are in line with what is happening globally.
Speaking in an exclusive interview with the SABC, President Ramaphosa says the increased petrol prices, along with increased prices generally, have to do with the world economic conditions.
The President announced a stimulus economic plan last Friday which will focus on the development of infrastructure and thereby, improve the country’s economy.
South Africa’s economy is currently in a technical recession following a 0,7% growth decline in the second quarter of 2018.
President Ramaphosa says there are issues that South Africa needs to resolve to ensure economic growth.
“We do also say that there are certain issues that are given rise to by what we are not doing or not doing perfectly. Investors have raised the issue of policy certainty and consistency and that is entirely within our realm. That is something that we need to address.”
He adds that issues such as visa conditions are negatively affecting the economy.
“Tourists want to come to South Africa. They are not able to come in their large numbers because of our visa regime.”
Ramaphosa says other issues that need to be worked on include the Mining Charter.
“Investors are saying that for a long as you are not able to resolve these issues, we are really not going to invest; including local investors.”
Click below to watch the full interview: