ECONOMY

Is South Africa The Next Giant Economy of Africa?

As a continent with a tremendously high population of youth, the African continent continues to prove her relevance to the world. As part of the discussions held at the World Economic Forum Annual Meeting held last month at Davos-Klosters, Switzerland, South Africa was said to be on her way to a massive economic revival.

Over the last quarter century, the country has made remarkable progress in expanding opportunities for its people, most of whom still live with the effects of the apartheid system.

Millions of poor South Africans have been provided with houses, social support, electricity and water. The black middle-class has grown significantly and access to healthcare and education have been expanded.

The current president Cyril Ramaphosa had this to say at the WEF annual meeting

“We have a firm foundation on which to build. South Africa’s high level of industrialisation, our position as a key manufacturing hub and services destination on the African continent, our strong financial sector are key draw cards for investors. Furthermore, we are one of the most technologically resourced countries in Africa. We consistently rank highly in terms of internet bandwidth capacity and broadband penetration and have some of the highest mobile phone subscription rates on the continent.”

Whether it is in mining, manufacturing, agriculture, clothing and textiles, services, tourism or the ocean economy, South Africa’s economy is as diverse as it is sophisticated. There is also in place an ambition to diversify the export basket further and move towards higher productivity and enhanced global competitiveness.

The nation has registered quite significant gains. As part of an ambitious drive to raise $100 billion in new investment in five years, four investment envoys were employed and  a specialised team to mobilise and facilitate investment was assembled by the president.

Just a few months into this journey, commitments of more than $6 billion show investors have confidence in the range of reform measures that was put in place.

Still speaking on actions done to diversify the economy and ensure it’s stability,  The president Cyril stressed that his government is committed to pursuing these economic and political reforms necessary to restore the confidence of the citizens as well as domestic and international investors.

As political turmoil plagues the globe, South Africa once again stands out as a beacon of hope and co-operation in a new world order. All nations’ economic destinies remain intertwined and as a bridge between the developing and developed world, South Africa offers a rejuvenated vision for a future of shared prosperity.

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