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President Cyril Ramaphosa said Tuesday that South Africa was witnessing the “total destruction” of its economy due to the Covid-19 coronavirus, and that radical economic transformation must be central to reconstruction and reuse plans.
Ramaphosa made the remarks in Durban while addressing the provincial command council, led by Prime Minister Sihle Zikalala, which coordinates KwaZulu-Natal’s response to the virus.
Radical economic transformation was once the rallying cry of supporters of former President Jacob Zuma.
The president said that Covid-19 had presented an opportunity to “rebuild” the economy.
“Covid-19 has caused a total destruction of our economy. As we speak, there are [are people] under a lot of stress and challenge. Now, collectively, we must respond to how we are going to rebuild and reposition this economy, ”said Ramaphosa.
He compared the impact of the virus to the aftermath of the war, saying it was time to “stop playing at the edge” when it comes to the economy.
Radical economic transformation must underpin the economic future that we will have to build in the future.
President cirilo ramaphosa
“Covid-19 is frankly giving us the opportunity to review our economic side of life to see how we, as South Africans, rebuild our economy after the coronavirus, knowing that the coronavirus has dealt us a major blow.”
“This is a post-war situation. We have been fighting an invisible enemy and now we must begin to plan for a post-war situation that will create a series of challenges and opportunities.
“We must address those challenges that Covid-19 is going to create on the economic side, and my opinion is that we must begin to establish the pillars of a new economy. We cannot continue in the same way, “said Ramaphosa.
He said that in the “new economy” the government would identify new sectors while rebuilding those affected.
“We need to find, create and create jobs for many of our people who are going to lose jobs. We need to ask ourselves what is this new vision that we envision for our country in the future, we must propose a clear economic strategy and the basic components are already in place. Now we have to put them all together. “
He said the new economic future must be “inclusive, empowering women, youth and blacks in general.”
“Radical economic transformation must underpin the economic future that we will have to build in the future. We should be able to do this through a new compact that we are going to build, ”Ramaphosa said.
Explaining more, he said that the new pact would involve “all the key actors in our economy”, as well as labor and community organizations.
We must be innovative and willing as we rebuild our economy.
President cirilo ramaphosa
“We must be capable and visionary enough to establish this pact to be able to rebuild the economy, look for new sectors, new forms of economic activity, new ways of managing our economy.”
And, he said, state entities “must function in a way that is developmental, in a way that is ethical and in a way that is innovative.”
“In the course of all this, we need to build and strengthen the capacity of the state. Innovation must underpin the many things we can do. We must be innovative and willing to rebuild our economy. ”
Ramaphosa said growth should be a primary objective.
“We are going to have to go for growth in a big and exponential way, and be willing and brave and brave enough to massify what is necessary, because playing to the limit with any effort we are making, that is the moment finished now . “
