‘Now we have to decisively change the face of our financial system’: Ramaphosa

ANC president Cyril Ramaphosa says the ANC-led authorities has to decisively change the face of SA’s financial system, and never merely enable it to return to the place it was earlier than the devastating Covid-19 pandemic.

“In different phrases, our activity just isn’t solely to construct again higher, but additionally to construct ahead in a different way. To result in this variation, we’d like a radical programme of motion that’s restorative, that rebuilds and that’s transformative,” mentioned Ramaphosa.

He was delivering the ANC’s annual January eight handle, which was streamed stay on TV and on the web on Friday on account of restrictive Covid-19 laws.

Ramaphosa mentioned the state’s focus for this yr was on aggressively implementing the Financial Reconstruction and Restoration Plan — a plan for the reconstruction and restoration of SA’s financial system that’s geared toward stimulating equitable and inclusive progress.

He mentioned financial restoration and reconstruction had been as vital as defending the well being of the nation and that the pandemic has resulted in unprecedented ranges of financial contraction and job losses.

“Now we have to attain larger ranges of financial progress and funding. Now we have to create jobs and produce extra black South Africans, ladies and youth into the mainstream of financial exercise,” he mentioned.

Ramaphosa famous that for tens of millions of South Africans, the poor situations underneath which they lived earlier than the pandemic had solely bought worse.

“The financial system has contracted sharply. Round two million jobs have been misplaced and lots of extra folks have fallen under the poverty line,” he mentioned.