In late October 2019, Minister of Finance Tito Mboweni revised down South Africa's estimated GDP growth for 2019 to 0.5% - from the 1.5% provided in the February Budget. This big decrease will have a negative impact on tax collection, sovereign debt service capability and business confidence in general. Ironically, the plunge may be a direct result of President Cyril Ramaphosa's actions to root out corruption.
On 14 October 2019, President Cyril Ramaphosa delivered the keynote address at the Financial Times Africa Summit 2019, assuring investors, politicians and business leaders gathered at Claridge's Hotel in London that plans are underway to ensure South Africa can take full advantage of growth opportunities on the African continent.
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