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Positive Progress Made in Growing South Africa's Economy, Says President Ramaphosa

13:01, 9 February 2024

Muhammad Nooh Osman

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Indeed, as one of Africa's largest economies, South Africa has faced a number of significant challenges in recent years. Most notable among these challenges is the severe energy crisis. The impact of this crisis on the country's economic growth has been palpable, casting a shadow over the country's development.

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There has been positive progress in growing South Africa's economy over the past thirty years, President Cyril Ramaphosa said during his State of the Nation Address in Cape Town on Thursday night.

The South African president pointed to the progress in employment since 1994.

"Our economy today is three times larger than it was 30 years ago. The number of South Africans in employment increased from 8 million in 1994 to over 16.7 million now. Over the last two years, the number of jobs being created has been increasing every quarter and we now have more people in employment than before the pandemic," the leader said.

Ramaphosa also noted that the ruling African National Congress (ANC) party has prioritized the fight against poverty over the past three decades since it came to power after the end of apartheid and the country's first democratic elections in 1994.

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He added that successive ANC administrations had succeeded in lowering poverty rates by almost 20% since 1993. President Ramaphosa's State of the Nation Address comes two months before South Africa celebrates 30 years of democracy.

"Our policies and programmes have over the course of 30 years, lifted millions of people out of dire poverty. Today, fewer South Africans go hungry and fewer live in poverty. In 1993, South Africa faced a significant poverty challenge, with 71.1% of its population living in poverty. However, under the democratic government, there has been a consistent decline in these numbers. By 2010, the poverty rate had dropped to 60.9%, and it continued to decrease, reaching 55.5% in 2020, as reported by the World Bank," said Ramaphosa.

Looking ahead, South Africa is preparing for the upcoming 2024 general elections, which will be the seventh since the end of apartheid. President Cyril Ramaphosa will set the date within 90 days of the end of the current parliament's term in mid-May 2024. The parliamentary vote is expected to take place between May and August.