To revive South Africa’s ailing economy which struggled to reach a GDP growth of 1 percent in 2017, President Cyril Ramaphosa seeks $100 billion in investment through a team of business and finance experts.
The team of economic envoys, who are have been sent on a revival mission, include a top person in the banking industry, an economist and two persons who have headed the finance ministry—Trevor Manuel.
Also on the team is the special adviser to the president on economic matters, Trudi Makhaya, former Treasury Director General Lungisa Fuzile, ex-Deputy Finance Minister Mcebisi Jonas and former Standard Bank chief executive Jacko Maree.
They have been bestowed with the mantle because “these are people with valuable experience in the world of business, investment and finance and they have extensive networks across a number of major markets,” Ramaphosa acknowledged.
In February this year the finance minister, Malusi Gigaba, said, “We are anticipating growth of 1.5 per cent in 2018, rising to 2.1 per cent in 2020. While this is a good start, there are immediate policy interventions that we need to make to ensure that we create the right environment for investment, growth and employment.”
To aid creating the right environment, the President has sent envoys to Europe, Asia and across Africa to build an “investment book” that will help plug a substantial shortfall of foreign and local direct investment.
Given the stagnant growth of the country’s economy and the need for a larger sum of investment to boost the growth. Ramaphosa explained that the government was targeting 100 billion rand rather than a much larger sum because “we are modest because we want to over-achieve.”
In the last three months of 2017, South Africa’s economy advanced an annual percentage of 3.1 making it the strongest growth rate in six quarters. This growth can be attributed to agricultural gains, a rebound in internal trade and an increase in manufacturing.