President Cyril Ramaphosa, on January 16, met with Ministers and senior business leaders to reaffirm the government-business partnership’s commitment to achieving the shared ambition of significantly growing the economy.

The focus for this year is on accelerating crucial reforms, operational improvements and key interventions in the areas of energy, transport and logistics, crime and corruption and youth employment, said business lobby formation Business for South Africa (B4SA) and the Presidency.

In addition to the achievements of Phase 1 of the partnership – the most significant being the successful reduction of loadshedding – the partners cited the promulgation of the Electricity Regulation Amendment Act and the release of the Transnet Network Statement in December as notable examples of policy steps taken by government.

“The full implementation of these interventions, in addition to the reforms already under way through Operation Vulindlela, have the potential to lift GDP growth to above 3%, which is essential to reduce unemployment,” the partners said.

However, South Africa needed to attract the substantial investment needed to help drive more robust and inclusive economic growth, they added.

The partners acknowledged that while considerable progress had been made there was a need to accelerate efforts to deliver on their ambitious plans, the Presidency and B4SA said.

“As we begin what promises to be a momentous year, there is much progress to build on. We know that to achieve a goal of 3% economic growth will require an extraordinary effort, not just from this partnership but from all stakeholders and all South Africans,” Ramaphosa said.

“This means we have to remain focused and purpose-driven and accelerate implementation. Together, we are moving ever closer to the promise of a thriving and inclusive economy that meets the needs of all our people,” he said.

The year ahead presents an important opportunity to craft a more optimistic South Africa Incorporated narrative and drive increased investment, economic growth and job creation.

The partners emphasised the importance of seizing this moment to achieve meaningful progress.

Meanwhile, the government-business partnership is based on a clear set of principles, namely exceptional governance, a well-defined delineation of roles between government and business, and a results-driven approach to achieving meaningful progress.

Further, as host of the G20 Summit, and the allied B20, South Africa will be able to showcase the partnership as a uniquely successful public-private collaboration model.

The partnership demonstrated how business could leverage its expertise and resources to help implement government’s policy agenda in areas where key reforms were required to foster economic growth, the partners said.