‘Africa summit important to improve the lives of our people’ – Ramaphosa

President Cyril Ramaphosa is in London for the annual Financial Times Africa Summit.

The two-day summit is focusing on solution-driven conversations and the innovations which the continent is driving in industries such as science, agriculture and healthcare. The theme this year is “Africa in motion”.

Also on the agenda is the growth of the digital revolution sweeping through the continent, including tech start-ups and the role these start-ups play in helping to solve problems in the economies across the continent.

In his weekly Monday newsletter, Ramaphosa said that the summit was “important for the work we are doing to improve the lives of our people”.

“To attract investment, we need to make it easier to do business in South Africa. In a competitive global environment, investors are looking for countries that can provide stable and sustained returns, while minimising the risks and cost,” Ramaphosa said.

Among some of the leaders and executives who are attending the summit are the vice-president of Ghana Mahamudu Bawumia, chief executive of Transnet International Holdings Petrus Fusi, chief economist at Africa Standard Chartered Bank Razia Khan and chairperson of Remgro Limited Johann Rupert.

Ramaphosa took heed of the opportunities that are presented through the use of technology and said that some of the innovations currently under way in South Africa include the ability for visitors to the country to apply for an e-visa online.

“I recently signed a law to establish an electronic deeds registration system that will improve turnaround times, enhance accuracy and make information more readily available.”

Ramaphosa also addressed the struggles that are faced by entrepreneurs when it comes to securing funding, and said in his newsletter that entrepreneurs “find it difficult to and costly to meet the regulatory requirements for starting and running a business.”

Some of the interventions which have been introduced by government to make it easier for entrepreneurs to conduct business, Ramaphosa said, includes “making it easier to start a business, register a property, deal with construction permits, pay taxes and trade across borders.”

“We are working with business to ensure that the conditions attached to licences are not too onerous or costly. We have prioritised immigration reform to attract more skilled workers and to grow tourism,” Ramaphosa said.

Next month, South Africa will host the second South Africa Investment Conference as part of Ramaphosa’s drive to attract R1.2 trillion in new investment over the next five years.

At last year’s conference, about R300 billion in committed investments was raised, “but we know that we need far-reaching reforms to achieve our target,” Ramaphosa said.

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