Will Ramaphosa ditch RET altogether?


Cyril Ramaphosa’s greatest challenge, now that he has taken over at the helm of the African National Congress (ANC), will be to reduce inequality and poverty, both of which continue to plague South Africa.

The jury is out on how he will achieve it.

Business Leadership South Africa (BLSA) said it was clearer than ever, that the South African economy needed to grow. The Ramaphosa campaign for the ANC Presidency featured many aspects and chief among them has been achieving economic growth.

“This can only be tackled by growing an inclusive economy that creates jobs. For this to happen, we require regulatory certainty and policy stability that will accelerate and deepen transformation,” said BLSA Chief Executive Bonang Mohale.

What is clear is that Radical Economic Transformation (RET) will not stimulate the economy in the short-term and that is a phrase which featured prominently in the ANC discourse throughout 2017. The language certainly spooked investors and ratings agencies alike.

That is probably something that Ramaphosa will need to create clarity on first up.

“More than ever, we need focused, ethical and moral leadership from the ruling party, government and business, working in partnership,” added Mohale.

“Rooting out corruption and defeating state capture in both the private and public sectors remain a priority.”