Tshwane: President Cyril Ramaphosa has chaired the first meeting of the newly appointed Presidential Economic Advisory Council for the seventh administration. The meeting took place at the Union Buildings in Tshwane on Tuesday.
According to South African Government News Agency, the President emphasized the significance of the Council in providing independent advice to ensure that economic policy is informed by sound evidence, innovation, and diverse perspectives. The Presidency released a statement highlighting the Council’s role in supporting the Government of National Unity’s efforts to stimulate economic growth and address poverty and inequality.
The statement further detailed that the meeting reaffirmed the necessity of structural transformation and economic reforms to accelerate growth. Discussions included forward-looking policy proposals in areas such as green industrial policy, skills development, and macroeconomic policy. Additionally, the discussions touched on positioning South Africa for growth in a rapidly changing global environment, addressing technological advances in artificial intelligence, and tackling climate change.
The meeting also addressed South Africa’s upcoming Presidency of the Group of 20 (G20) and its role in advancing the global economic policy agenda. President Ramaphosa outlined priorities for the G20 Presidency, including mobilizing finance for a just transition, addressing unsustainable debt burdens on developing countries, strengthening disaster resilience and response, and harnessing critical minerals for inclusive growth. The Council discussed proposals to advance these priorities, building on progress in areas such as international taxation, reform of multilateral development banks, and climate finance.