ANC president Cyril Ramaphosa. Picture: Tebogo Let
ANC president Cyril Ramaphosa. Picture: Tebogo Letsie/City Press
  • President Cyril Ramaphosa  told The Economist he supports his finance minister Tito Mboweni’s economic growth plan – entirely.
  • The controversial plan is opposed by Cosatu and the SA Communist Party, and proposes selling some of Eskom’s coal-fired power stations. 
  • Ramaphosa said he supports selling older power stations to extend their lives, but not newer stations. 
  • For more stories go to www.BusinessInsider.co.za.

President Cyril Ramaphosa says he is in full support of finance minister Tito Mboweni’s controversial economic development plan, the Economist reports

The plan by the national treasury, which is opposed by ANC alliance partners Cosatu and SA Communist Party, was abruptly released in August. It promises to raise average economic growth in South Africa by 2.3 percentage points over ten years, and create just over one million jobs. 

Also read: Government just released a plan to create 1 million jobs and save the economy – what you need to knowhere’s

Some of the more controversial aspects of the plan include selling coal-fired Eskom power stations, introducing private competitors for Transnet, and for cities take control of rail management. 

In an interview with The Economist, Ramaphosa said: "I endorse all of them." 

He said he agreed that South Africa’s visa policies need to be amended to allow more skilled immigrants into the country, referring to the United States’ Silicon Valley's success from immigrants. 

However, echoing comments he made in Parliament last week, Ramaphosa said he would not sell new Eskom power stations, but is open to the older stations in Eskom's fleet being sold to extend their lives.

At the opening of his Presidential economic advisory council last week, Ramaphosa said many of the reforms the state is currently engaged in comes from proposals by the National Treasury.

Also read: A year later, Cyril Ramaphosa’s R100 billion infrastructure fund is still not operational – here’s what’s been happening

He said the upcoming medium-term strategic framework due at the end of this month will highlight the key actions government plans to get the economy growing. 

A paper detailing the state’s approach towards Eskom will be tabled in cabinet shortly, Ramaphosa said.  

He said the paper will consolidate all the work by Eskom's board and management, government departments and the various task teams advising government to turn around our electricity entity and to reform energy markets. 

(Compiled by James de Villiers) 

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