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Ramaphosa Outlines Plan to Spur South African Recovery

  • Government targets 3% average growth over next decade
  • President sees energy security being restored in two years
People walk through Rea-Vaya Thokoza Park bus station in Johannesburg.

People walk through Rea-Vaya Thokoza Park bus station in Johannesburg.

Photographer: Waldo Swiegers/Bloomberg
Mike Cohen and Paul Vecchiatto
Updated on

South African President Cyril Ramaphosa unveiled a highly anticipated plan to revive the coronavirus-battered economy, with job creation, increased infrastructure investment and enhanced energy security among its key tenets.

The plan targets an average annual economic growth rate of 3% over the next decade and envisions the government reining in surging debt and curtailing spending. The president didn’t specify whether budget-deficit targets will be revised, with Finance Minister Tito Mboweni expected to release details in his medium-term budget on Oct. 28.