Davos Klosters: President Cyril Ramaphosa has declared that South Africa is undergoing a ‘fundamental transformation’ as it seeks to accelerate inclusive economic growth. President Ramaphosa was speaking at the South Africa Night World Economic Forum (WEF), held at the Garden Hall in Davos Klosters, Switzerland.
According to South African Government News Agency, the event, hosted by Brand South Africa, celebrated the country’s G20 Presidency, an opportunity to shape the global agenda for inclusive growth and sustainable development. The event was held on the sidelines of the annual WEF meeting, taking place from 20-24 January 2025, under the theme “Collaboration for the Intelligent Age”.
President Ramaphosa highlighted that South Africa has introduced reforms in sectors such as water, electricity, and logistics, which are serving as a base for economic growth. “South Africa is undergoing a fundamental transformation. We have introduced bold economic reforms to overcome persistent challenges and unlock the vast potential of our country and its people,” he stated.
He noted that these reforms have underpinned the country’s economic recovery after more than a decade of stagnant growth, state capture, and the global pandemic. These reforms are laying a foundation for sustained and accelerated growth into the future, he added. The structural transformation is enhancing South Africa’s competitive edge, boosting productivity, and attracting investment.
President Ramaphosa emphasized the establishment of the Government of National Unity (GNU) as an example of the commitment from all leaders to maintain stability, progress, and partnership in South Africa. “While each party campaigned on different platforms, the Government of National Unity has agreed on a common programme to grow an inclusive economy, create jobs and build a capable state,” he said.
He further pointed to partnerships developed between government and social partners to drive the country forward and face challenges collectively. “We have a tradition of dialogue and cooperation, of working together to overcome even the most intractable of problems,” he mentioned. A strategic partnership between the South African government and business focuses on tackling critical issues such as energy security, infrastructure gaps, crime and corruption, and job creation.
President Ramaphosa described 2025 as ‘a momentous year for South Africa’, being the first African country to preside over the G20. Through the G20 Presidency, South Africa aims to demonstrate its commitment to global solidarity, equality, and sustainability. “Our Presidency provides a platform to amplify voices that have often gone unheard. It is an opportunity to advocate for solutions that prioritise the well-being of all, particularly the most vulnerable. South Africa is well placed to play this role,” he concluded.