South Africa will implement structural reforms as the country faces some fiscal challenges, according to the Minister of Finance Tito Mboweni.
Mboweni made the remarks on Thursday at a preparatory meeting for the World Economic Forum (WEF) between government and business in Johannesburg as South Africa will send a delegation to WEF in Davos.
“There is a political stability in South Africa which is key to achieve our economic objectives. There is determination of the South Africa authorities to implement serious structural reform… Some efforts are being made to put state owned entities (SOEs) on the correct path,” said Mboweni.
He stated that their country faces some fiscal challenges and low growth rate which is relieving attention from the government.
“There is a clear way going forward and South African authorities are determined to enhance economic growth. We are determined to proceed responsibly in support of economic growth,” he said, adding that “we are not happy with the space and need to speed up reform to generate impetus for economic growth and development.”
The Minister of Economic Development Ebrahim Patel said they would tell potential investors that they have made progress on what they promised last year at the same forum.
“We have made progress in improving the ease of doing business. There is a new business portal which is used to register business, reach tax department… We have made market research to low down the price of data and also increase spectrum,” said Patel.
South African government officials and captains of industry will take part in WEF in Davos on Jan. 21-24. Enditem