SA economy slowly but steadily improving: Ramaphosa

President Cyril Ramaphosa has described 2024 as a year of change and progress.

In his New Year message, the President said that the far-reaching economic reforms that government started in the sixth administration are showing results.

He however says while progress has been done this year, there’s much more to be done in 2025 to overcome the challenges that confront South Africans.

He says government needs to work with urgency and purpose to grow an inclusive economy and create jobs.

“Our economy is slowly but steadily improving, more South Africans are finding jobs. Inflation has been falling making essential goods more affordable for households. In 2024, South Africa achieved its first primary budget surplus in 15 years, public sector investment has risen for another straight year.”

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Ramaphosa says the logistics sector, which is critical to the functioning of the economy has shown notable improvement.

He says this follows the corrective initiatives that government has embarked upon in partnership with business, labour and Transnet.

He says long delays in handling imports and exports at ports have been reduced and rail freight is flowing more efficiently.

“Business confidence to enhance investments is on the rise. International investor sentiment towards South Africa has improved with more companies seeking to invest or expand their presence in our economy. As this happens, more jobs will be created, more livelihoods supported and more local businesses sustained.”