Forging Africa's Future: Ramaphosa Calls on Business Leaders to Drive Continental Growth

Image: GCIS

The first G20 Leaders’ Summit held on African soil set the stage for a critical engagement in South Africa. President Cyril Ramaphosa, addressing a distinguished gathering of business leaders and government officials, underscored an unambiguous mandate: Africa must be central to the G20’s strategic deliberations.

Flanked by key ministers and figures like Ms. Gloria Serobe, Chairperson of the Industrial Development Corporation, the President framed the evening's conversation not just as a policy discussion, but as a strategic alignment of purpose. “We sought this engagement so that we can share experiences and perspectives on advancing this agenda through trade, commerce and investment,” he stated, acknowledging the vital preparatory work by the B20 community, which had seen significant contributions from the South African delegation.

The South African Advantage

President Ramaphosa highlighted South Africa's distinct and pivotal role. As the continent’s most industrialised and diverse economy, with a uniquely vibrant and engaged business sector, the nation is perfectly positioned to serve as an investment and trade catalyst for all of Africa.

The address also brought encouraging news from the domestic front. The President pointed to the "green shoots" of economic recovery: encouraging employment figures, a projected primary budget surplus, and a decisive path to reducing sovereign debt. Crucially, he celebrated significant recent achievements, including the nation’s removal from the FATF grey list and a sovereign credit rating upgrade by S&P. Progress in key enabling sectors was also noted, with dramatic improvements in electricity supply and a promising turnaround at the country's ports and railways.

An Ocean of Opportunity

Despite persistent global headwinds, complex and uncertain economic environments, the President urged the gathered executives to draw upon their greatest strength: the proven capacity of South African companies to be innovative and adaptive, skilfully navigating immense challenges over many years.

The ultimate opportunity, however, lay beyond the nation's borders: the full implementation of the African Continental Free Trade Area (AfCFTA). This transformative agreement, he argued, will profoundly reshape market access, driving regional integration and forging cross-border value chains. It promises businesses a massive, accessible market of 1.4 billion people with a combined GDP of $3.4 trillion.

A Shared Destiny

The President concluded with a powerful call to action, rooted in a shared belief: South Africa’s prosperity is intrinsically intertwined with that of the African Continent.

“As Africa grows and prospers, so South Africa will grow and prosper,” he declared.

The task ahead is a collaborative one, requiring government and business to look beyond domestic concerns, exploring opportunities across the continent with greater purpose and focus. He called on South African companies to actively participate in setting a new economic trajectory for both the nation and the continent.

The ultimate goal, he affirmed, is to usher in a new chapter one where South African corporate leadership drives the economic development of a better, more prosperous Africa for all.