President Cyril Ramaphosa says the main priority for the Presidency for the financial year 2026/27 will be economic growth and job creation.
The President said this while tabling the budget vote for his office in Parliament.
Delivering his office’s budget vote speech, Ramaphosa said there is a significant improvement in the economy, including revenue collection.
“During the course of this financial year, the Presidency will focus its work on the priorities that we set out in the State of the Nation Address (SONA). The priority set out in the SONA is to grow the economy of our country and create jobs. The micro-economic environment has improved. Our tax collection revenue remains strong. Public finances are in better shape, and the national debt has stabilised.”
Rating scores
Ramaphosa has commended international rating agencies for continuing to lift the country’s rating scores.
He says the improvements in the ratings outlook will boost the government’s ongoing attempts to bring much-needed investments to the country.
“Last week, the rating agency Moody’s lifted South Africa’s rating outlook from stable to positive. This comes six months after Standard and Poor’s lifted South Africa’s credit rating for the first time in two decades – that is positive for our country. With dedicated investment expertise, The Presidency continues to coordinate the national investment drive. In March of this year, we held a very successful Sixth South Africa Investment Conference where we secured pledges for investment to the excess of R890 billion in industries across the economy.”
Oil prices
Ramaphosa says the increase in global oil prices due to the US-Israel war on Iran is expected to continue to negatively impact the country.
The president highlighted inflation and the rising cost of living as the most pressing issues affecting people’s livelihoods.
“The effects of the surge in oil prices and other critical supplies like fertiliser are likely to undermine much of the progress that we have made in bringing down inflation and the cost of living, together with disruption to the global economy. These developments are likely in the medium term to slow down our economic growth and to hamper our efforts to create jobs. We should anticipate that conditions will be difficult for the next while.”
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