CAPE TOWN - President Cyril Ramaphosa told Parliament on Thursday that South Africa’s economy is in a stronger position than a year ago, noting signs of growth and stability.
Speaking during his State of the Nation Address (SONA), Ramaphosa said the economy has recorded four consecutive quarters of GDP growth.
This growth is gathering pace,” he said, pointing to falling interest rates, a stronger rand against the dollar, and inflation at its lowest level in 20 years.
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While acknowledging the positive momentum, he added: “It has to grow much higher and much faster to meet our social and economic challenges.”
The President also praised government efforts to stabilise national debt and highlighted declining borrowing costs.
He noted that Operation Vulindlela has helped accelerate economic reforms, paving the way for greater investment and competition.