President Cyril Ramaphosa has reiterated the need to build both a strong developmental state and a fast-growing private sector to achieve a world-class economy.
Ramaphosa has echoed the sentiment that he stated in last week’s State of the Nation Address in his weekly letter to the nation.
He says the idea of a mixed economy is not new as the ANC outlined it in detail in its 1992 “Ready to Govern” document.
Ramaphosa says South Africa must work to forge a new consensus to revive an economy that has been plagued by low growth and unemployment for the past decade.
He says there is no choice between a strong developmental state and a vibrant private sector as the country needs both for a thriving economy.
Ramaphosa says that State-owned enterprises are important drivers of employment and growth and thus must be strengthened.
“At the same time government is proceeding with measures to support small, medium and micro businesses through tax incentives, access to finance and enabling regulatory legislation.”
Below is the president’s letter:
