South Africa President Vows Renewed Growth Drive as Markets Soar

South African President Cyril Ramaphosa pledged to accelerate measures to fire up the economy, draw investment and make the government more efficient, an undertaking that will provide further impetus to a blistering markets rally if implemented.

The building of new roads, port, dams and other infrastructure is proceeding apace, government debt is on a clear path toward stabilization and investor and business confidence is rising, Ramaphosa said in his state-of-the-nation address to lawmakers in Cape Town on Thursday. Major new initiatives included the establishment of a new company to manage the state’s vast property portfolio and opening up electricity transmission to private companies from this year.