South Africa: Ramaphosa Launches New Plan to Push South Africa’s Growth Above 3%

President Cyril Ramaphosa has launched the third phase of South Africa’s Government-Business Partnership, shifting the focus from economic reforms and stabilisation towards faster growth, investment and large-scale job creation.

Ramaphosa delivered the keynote address on Thursday, August 20, 2026, during the launch at Summer Place in Johannesburg, where government and business leaders set out their next stage of cooperation on the economy.

Phase 3 is built around the ambition of turning the progress made during the first two phases into sustained and inclusive economic growth.

The immediate target is to push South Africa’s annual economic growth above 3%, with a longer-term ambition of achieving even higher growth rates. The partnership also aims to create one million jobs by 2030.

The new phase comes after government and business reported progress in several areas of the economy.

South Africa has gone more than a year without loadshedding, while rail freight volumes have improved and port performance has strengthened. The country has also exited the Financial Action Task Force (FATF) grey list, while S&P and Fitch have upgraded South Africa’s credit rating.

Ramaphosa said these developments had created an opportunity to move the partnership towards a stronger focus on economic growth.

“What started as a platform to address multiple crises has evolved into a platform for growth and shared prosperity,” Ramaphosa said at the launch.

The partnership will continue working on reforms in the energy, transport and logistics sectors, while also maintaining its focus on tackling crime and corruption and expanding employment opportunities for young people.

Business leaders involved in the partnership have identified infrastructure, mining, tourism and agriculture as areas with significant potential to generate investment and employment.

These sectors are expected to play an important role in the government’s effort to move the economy beyond its prolonged period of relatively slow growth.

South Africa has averaged roughly 1.1% economic growth over the past decade, a rate that has struggled to keep pace with the number of people entering the labour market each year.

The Government-Business Partnership was established to bring government and the private sector together to address major obstacles to economic growth. Its first phase concentrated heavily on stabilising areas such as electricity, transport and logistics, while the second phase focused on implementing broader structural reforms.

Phase 3 now seeks to use the improvements from those efforts to attract investment, increase production and create jobs.

The government and business community have framed the new phase around inclusive growth, jobs and confidence, intending to ensure that stronger economic performance translates into opportunities for more South Africans.