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Business just as vital as government, says Maria Ramos

Cape Town - Barclays Africa Group CEO Maria Ramos said it was how business implemented government frameworks that would reveal how well South Africa was performing.

Speaking on this week’s episode of CNN Marketplace Africa, Ramos said “South African growth has slowed down and I think worryingly so”.

“We've all spoken and understood that transforming this economy is fundamentally important,” she said. “And in fact it's going to be a really important part, doing it and doing it well is an important part of creating broader economic transformation.”

On whether the South African government is doing well, Ramos said: “It's not up to government to do it well. It's actually up to the government, it's up to business to do it well.

“I mean government can put a legislative framework in place, I think, between that framework and how it then gets affected and executed by business. It's just as important. So this is not just a government issue, it's what we do with it.”

African investment has ‘ebbed away’

Speaking more broadly, Ramos said Africa has had a good decade, but that some investment has “ebbed away”.

“I think part of the challenge for us on the African continent now is to continue making the right decisions around things like infrastructure,” said Ramos. “There's an infrastructure gap of anything between $85bn and $100bn required every single year, so I think big investments in that.”

“We as Barclays see fantastic opportunities on the continent,” she said. “We've got a big business in Barclays Africa on the continent and I think that when we think about the next 10 years for this continent.

“I think the opportunity for the continent remains there,” she said. “It's about continuing to do the right things and I think most people are committed to that.”

Ramos highlighted manufacturing industries in Nigeria and investment in technology in East Africa as good examples of how African economies are adapting to the commodities boom coming to an end.  

* Watch the Facetime with Ramos on CNN Marketplace Africa on Friday at 17:15, Saturday at 17:00, Sunday at 02:00 and 0815, and Monday at 03:00 and 18:30.

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