CAPE TOWN, July 18 – President Cyril Ramaphosa has pledged to revitalize South Africa’s ailing economy and extend prosperity to the nation’s marginalized populations. In his first policy address to the new parliament, Ramaphosa announced plans to resuscitate factories and farms, build infrastructure, and seize green energy opportunities.

The speech came after the African National Congress (ANC) lost its ruling majority in May, necessitating a coalition with rival parties. Ramaphosa acknowledged that South Africa’s economy has barely grown in the past 15 years, with unemployment, poverty, and inequality remaining alarmingly high.

Ramaphosa outlined his administration’s plans for the next five years, emphasizing a commitment to macroeconomic policies that support growth and development while stabilizing the national debt. He highlighted initiatives such as overhauling the country’s freight rail network, training young people in digital skills, and investing in renewable energy projects totaling over 22,500 megawatts.

The president’s speech emphasized the need for inclusive growth, noting South Africa’s significant divides between rich and poor. Ramaphosa, formerly one of the country’s wealthiest Black businessmen, reiterated his commitment to economic justice and reducing the cost of servicing national debt to redirect funds toward critical social and economic needs.

Despite an optimistic period following the end of apartheid and Nelson Mandela’s election, South Africa has faced political turmoil, corruption, and inadequate public services. The ANC’s recent electoral defeat, receiving just 40% of the vote, resulted in a unity government with the main opposition Democratic Alliance (DA).

Ramaphosa concluded by affirming the coalition government’s commitment to working together for the benefit of all South Africans. DA leader John Steenhuisen echoed these sentiments, noting the coalition’s effective cooperation and broad political support.

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Pic: South Africa's President Cyril Ramaphosa speaks during his opening of parliament address in Cape Town, South Africa, July 18, 2024. REUTERS/Esa Alexander