SA Government Business Partnership Boosts Economic Growth and Job Creation with Phase Two Launch

South Africa’s Government Business Partnership Launches Phase Two to Drive Economic Growth and Job Creation

The Government Business Partnership in South Africa has entered an exciting second phase, with President Cyril Ramaphosa announcing on October 1 a bold vision for sustainable economic growth, job creation, and renewed national confidence. Building on the success of its first phase, the transformative partnership unites government and business leaders to create a “virtuous cycle” of growth, improved sentiment, and a positive economic narrative for South Africa.

CEO Pledge and Strategic Focus

In 2023, over 140 of South Africa’s top CEOs pledged their commitment to this partnership, aiming to address major national challenges in energy, transport and logistics, and crime and corruption. These sectors have long been hurdles to South Africa’s economic stability, and this partnership emphasizes the essential role of businesses in driving transformative solutions. The Business for South Africa (B4SA) coalition has spearheaded this collaboration, working with the government of national unity and the 7th Administration to prioritize high-impact, sustainable initiatives.

Private Sector Investments in Infrastructure and Security

Phase one of the partnership saw the private sector contribute over R250 million in catalytic funding and mobilize more than 350 experts. In a bid to protect essential transport corridors, businesses invested R700 million and deployed 500 security personnel. Additionally, organized businesses contributed over 9,000 hours of expertise to support Eskom’s operational needs and established a forensic analysis center with a R57 million investment to assist the Hawks in tackling priority crimes.

These efforts are part of the larger strategy to help South Africa exit the Financial Action Task Force (FATF) grey list, boosting investor confidence and economic stability.

Goals for Phase Two

Phase two will build on these achievements by scaling resources and setting actionable goals to accelerate economic growth. Central to this phase is a shared vision for building a narrative of prosperity, job opportunities, and confidence that South Africa is moving towards a more resilient and inclusive economy. Martin Kingston, chair of the B4SA Steering Committee, recently highlighted the importance of continued collaboration on SAfm’s Market Update with Moneyweb, emphasizing that joint efforts between government and business are essential for sustainable growth.

A Path Forward for South Africa

The Government Business Partnership is charting a promising path toward improved economic conditions and a brighter future for South Africa. By addressing core challenges in infrastructure, crime, and energy, this partnership has the potential to create lasting change and renew the nation’s confidence. With an expanded commitment from business leaders and the government, Phase two marks an essential step in South Africa’s journey towards a prosperous, inclusive economy.

For more insights, listen to Martin Kingston’s interview on SAfm Market Update with Moneyweb here.