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Business World News of Saturday, 13 January 2018

Source: africanews.com

South Africa to target investment, graft under Ramaphosa

South AF Cyril Ramaphosa (M) together with President Zuma and Nkosazana Clarice Dlamini-Zuma

South Africa wants to attract foreign investors to help it kick-start economic growth and eradicate poverty and will crack down on corruption, the new leader of the ruling African National Congress said on Saturday.

Cyril Ramaphosa, who won the race to succeed President Jacob Zuma as ANC leader last month, made the comments in a speech to mark 106 years since the founding of Africa’s oldest liberation movement.

“Come to South Africa to invest in our country so that we can grow our economy so that we can create jobs so that we can end poverty so that we can reduce inequality and increase the number of people who are involved… who are employed,” he said.

South Africa’s economy has slowed to a near-standstill during Zuma’s two presidential terms, as allegations of influence-peddling in government and mismanagement of state-owned enterprises have dented consumers and business confidence.

But Ramaphosa’s election win has injected a sense of optimism that the ANC, which has governed South Africa since the end of apartheid in 1994, could win back the trust of voters and investors disillusioned with Zuma’s rule.