Yesterday, our president Cyril Ramaphosa presented the much awaited South African Economic Reconstruction and Recovery Plan, which aims to restore the economy to inclusive growth following the devastation caused by the COVID-19 pandemic.
The President was correct in saying that South Africa had immense challenges for a number of years before COVID-19, but despite this we need to rebuild, repair and restore our country not after COVID-19, but in the midst of COVID-19.
The South African Economic Reconstruction and Recovery Plan has four priority interventions:
- Rollout of infrastructure projects throughout the country
- Rapidly expand energy generation capacity
- Employment stimulus to create jobHes and support livelihoods
- Drive for industrial growth
These priority interventions aim to:
- achieve sufficient, secure and reliable energy supply within two years;
- create and support over 800,000 work opportunities in the immediate term to respond to job losses;
- unlock more than R1 trillion in infrastructure investment over the next 4 years;
- reduce data costs for every South African and expand broadband access to low-income households;
- reverse the decline of the local manufacturing sector and promote reindustrialisation through deeper levels of localisation and exports;
- resuscitate vulnerable sectors such as tourism, which have been hard hit by the pandemic.
The priority areas identified by Ramaphosa will certainly take South Africa in the right direction and make the nation more competitive globally, should the administration take concrete steps to implement what they have tabled.
We as Pekuzi Projects are excited and filled with hope by the President’s plan to put South Africa on a new positive trajectory. While there is a lot of work to be done, we believe that if we collectively roll up our sleeves and put in the work, we can build and live in the country we all dream of.
We are open to work and partner with organisations looking to make the most of the opportunities presented by the President.
Read the President’s full speech here.