President Jacob Zuma said efforts to implement radical economic transformation (RET) would be intensified in 2018, especially after the underwhelming performance of the South African government in 2017.
Zuma’s pronouncements on RET in 2018 are perhaps a sign, if ever one was needed, that he intends to continue as South Africa’s Head of State until the end of his term, despite no longer being the President of the African National Congress (ANC).
The South African President insists that tremendous economic gains were made in 2017, adding that the focus would now centre on the aggressive expansion of government’s economic programmes. The jury is still out on what RET actually means though, whether that be for the investor abroad or for the little man on the street.
“In the New Year, we will need to put extra efforts together, to reignite the economy and promote growth and also to make it inclusive and beneficial to all,” said Zuma on Sunday.
“The programme of Radical Socio-Economic Transformation will thus be the main focus of government in the year 2018 and it will inform the delivery of our programmes,” added Zuma.
In 2017 the South African government and Treasury got jumpy, following a series of ratings downgrades. Concerns had been raised about the language used by the South African government and naturally the tone on RET also changed. However, Zuma said that would certainly not be the case in 2018.
“Through our Industrial Policy Action Plan and other programmes, South Africa will continue to promote investments particularly in key strategic sectors such as energy, manufacturing, transport, telecommunications, water, tourism, the oceans economy, mining and agriculture.
“We will also continue to lay a firm foundation for greater growth through our infrastructure rollout programme.”