7 March 2018

South Africa: President Cyril Ramaphosa Briefs Moody's Investors Service On South Africa's Work to Secure Growth and Investment

press release

President Cyril Ramaphosa held discussions today, Wednesday, 07 March 2018, with Moody's Investors Service on the various initiatives underway to accelerate economic growth and create jobs.

Moody's Investors Service is a provider of credit ratings, research and risk analysis. This was the first time the agency has interacted with President Ramaphosa since he was elected President on 15 February 2018.

In today's meeting at Tuynhuys in Cape Town, President Ramaphosa described the new mood of hope, renewal and unity in South Africa and the enthusiasm of its people to contribute to change and development.

President Ramaphosa said this new enthusiasm was anchoring all efforts to confront the challenges facing South Africa, including government's initiatives to increase investor confidence and reduce policy and regulatory uncertainty.

Fresh consultations on the Mining Charter, recent measures to strengthen Cabinet, changes in the board and management of the power utility, Eskom, and an inquiry into state capture formed part of government's invitation to investors to come to South Africa.

President Ramaphosa underlined government's determination to build a social compact of government, labour, business and civil society to advance investment, youth employment and community development.

President Ramaphosa reaffirmed that accelerated land reform will unfold within a clear legal framework and without negatively affecting economic growth, agricultural production and food security.

President Ramaphosa said job creation was government's most important priority and failure to create such opportunities constituted the greatest risk to the country.

Moody's is due to announce its latest outlook on South Africa on 23 March 2018.

Issued by: The Presidency

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