Economic growth, job creation: Presidential council explores strategies

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President Cyril Ramaphosa. PHOTO: Presidency/Twitter

While commendable strides have been taken in implementing economically, socially, and environmentally viable policies, the Presidential Economic Advisory Council (PEAC) acknowledges that considerable challenges persist.

“In its assessment of the current economic environment, the PEAC highlighted fiscal risks, the poor performance of state-owned enterprises, ongoing load-shedding, historical underinvestment in infrastructure, and rising levels of crime as the most urgent obstacles to growth,” the Presidency said on Wednesday.

During a meeting led by President Cyril Ramaphosa, the PEAC expressed appreciation for the ongoing efforts to tackle existing challenges. Deliberations encompassed proposals aimed at enhancing state capacity, professionalising the public service, and refining the governance of state-owned enterprises.

Additional recommendations includes the formulation of a proactive green industrial strategy to leverage South Africa’s renewable energy resources, bolstering support for small businesses and the informal sector, and expediting the implementation of the Energy Action Plan to eliminate load-shedding.

Under the President’s guidance, the PEAC meeting focused on examining current economic developments and devising measures to foster economic growth and job creation.

“Members of PEAC commended the progress made in advancing economic reform, including in the energy, transport, and telecommunications sectors, as well as in rebuilding state institutions that were weakened by state capture.

“The recently released results of Census 2022 show that the quality of life has improved for millions of South Africans since the previous census, including through expanded access to education, water, electricity, housing, and other basic services,” the Presidency said.

The PEAC deliberated on South Africa’s advocacy for the reform of international financial architecture. Additionally, the council endorsed the plea for suitable financing mechanisms to facilitate the climate transition in developing nations.

The Presidency emphasised that the insights and recommendations by the PEAC remain integral in guiding government policymaking.

 

Compiled by Warren Hawkins

warren@mahareng.co.za