Nation working to attract private investment: Ramaphosa

President Cyril Ramaphosa says South Africa will focus on strengthening intercontinental trade in Africa.

LONDON -  South Africa is working to restore its institutions and secure private investment in order to grow the economy, President Cyril Ramaphosa told the Financial Times Africa Summit in London on Monday.

South Africa is struggling to gain economic growth momentum, and Ramaphosa said the country is open to outside investment in ailing state-owned carrier South African Airways (SAA).

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"We are on record as saying we are open to the participation of the private sector. As we speak now, we're talking to a few interested parties when it comes to SAA."

He also said the government needs to pursue prudent fiscal policies, stabilise its debt and reduce risk with contingent liabilities in order to attract much-needed investment in the nation.