South Africa is undergoing ‘fundamental transformation’ – President Ramaphosa

President Cyril Ramaphosa, says 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, on Tuesday evening.

The event, hosted by Brand South Africa, celebrated the country’s G20 Presidency, an extraordinary opportunity to shape the global agenda for inclusive growth and sustainable development.

The event was held on the sidelines of the annual WEF meeting, which is taking place from 20-24 January 2025, under the theme: “Collaboration for the Intelligent Age”.

The President told the gathering that the country has introduced reforms in sectors, including water, electricity and logistics, that 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.

“These reforms have underpinned the country’s economic recovery in the wake of more than a decade of stagnant growth, state capture and the worst global pandemic in more than a century. These reforms are laying a firm foundation for sustained and accelerated growth into the future,” President Ramaphosa said.

He added that the reforms, and the subsequent structural transformation are “sharpening South Africa’s competitive edge, boosting productivity and attracting investment”.

The President pointed to 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, as the country moves towards inclusive growth.

“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.

“Surveys have shown that South Africans have confidence in the Government of National Unity to take the country forward. It has also contributed to a marked improvement in business and investor confidence,” he said.

President Ramaphosa also pointed to partnerships that have been developed between government and social partners, in order to drive the country forward and face challenges together.

“We have a tradition of dialogue and cooperation, of working together to overcome even the most intractable of problems. As we confront the challenges of the present, social partners have been working together, in various forms and forums, to drive a programme of inclusive growth and transformation.

“A concrete example of this is the strategic partnership between the South African government and business. This collaboration focuses on innovative solutions to tackle critical issues, such as energy security, infrastructure gaps, crime and corruption, and job creation,” President Ramaphosa said.

President Ramaphosa described 2025 as “a momentous year for South Africa”, as the country takes its place as the first African country to bear the Presidency of the Group of 20 (G20).

He said through South Africa’s G20 Presidency, the country will demonstrate its unwavering commitment to global solidarity, equality, and sustainability.

“From the triumph of democracy 30 years ago, to our ongoing pursuit of inclusive growth, South Africa has demonstrated that collaboration and determination can shape a brighter future. It is this ethos we bring to the G20.

“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 said.