President Cyril Ramaphosa announced on Thursday that his government will introduce a new phase of economic reforms aimed at increasing growth beyond 3%.
“We want a nation with a thriving economy—one that benefits everyone. To achieve this cycle of investment, growth, and job creation, we must push economic growth above 3%,” Ramaphosa said during his annual State of the Nation Address (SONA) to Parliament.
The South African Reserve Bank currently projects economic growth at 1.8% for 2025.
This year’s SONA marks the first under a coalition government, following the African National Congress (ANC) losing its parliamentary majority in last year’s elections—the first such loss since the end of apartheid in 1994.
Ramaphosa emphasized that the government’s immediate priority is ensuring that struggling state-owned enterprises, including power utility Eskom and logistics firm Transnet, operate efficiently. He also highlighted infrastructure investment as a key focus area for economic recovery.