As a result of the Covid-19 devastation, the country was starting from a low base, but economists and agencies have adjusted their growth projections for the country, including the International Monetary Fund, which has revised growth upwards from 2.8% to 3.1% for this year, he said.
By a number of indicators, economic activity was also returning to pre-pandemic levels at an encouraging pace, added Ramaphosa, including that the rand was at its best levels since 2019 and outperforming currencies of SA's major trading partners.
He acknowledged this was being helped by high commodity prices. “Our favourable position as a commodity producer should attract capital inflows and boost the fortunes of domestic producers as well as retailers,” he said.
Like green shoots, Ramaphosa believes these developments are a promise of hope.
He said he was “very heartened” by the words of IFP parliamentary leader Mangosuthu Buthelezi who said, “In these dire circumstances we will be doomed if we abandon hope.”
“Like the outstanding sage among us, when he looks to the horizon he sees hope rising. A man in his 90s, he has seen it all and he has heard it all, but this moment he says we dare not abandon hope because he sees hope rising on the horizon.”