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Ramaphosa urges ANC to correct its ways to revive economic growth

Nov 14 2017 11:29
By Amogelang Mbatha and Paul Vecchiatto, Bloomberg

Johannesburg - Deputy President Cyril Ramaphosa says the governing African National Congress must restore investor confidence and avoid populist policies in order to revive the struggling economy.

Bold, decisive action is needed to change South Africa’s growth trajectory and the government should target an expansion of 3% in 2018 and 5% by 2023, he said at an ANC event in Soweto on Monday. 

The country needs a “new deal” to accelerate radical economic transformation so that growth is more inclusive of the majority black population, the deputy president said.

Ramaphosa is seen as a frontrunner to succeed President Jacob Zuma as head of the ANC when the party meets for its elective conference from December 16 to December 20.

His main rival for the post is Nkosazana Dlamini-Zuma, the president’s ex-wife and former chairperson of the African Union Commission.

Nkosazana Dlamini-Zuma

Allegations of state capture has negatively impacted the economy, Ramaphosa said. Zuma’s administration has been rocked by a series of scandals, including his relationship with the controversial Gupta family. Zuma and the Guptas have denied any wrongdoing.

Zuma said in an interview with Johannesburg-based broadcaster ANN7 that he had put in place many measures to avoid corruption.

“I have fought corruption,” Zuma said. “There is no executive that is captured.” The term state capture is “political propaganda” and is an incorrect term, he said.

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