President Cyril Ramaphosa has commended the work done by the Presidential Economic Advisory Council (PEAC) and reiterated the economic reforms that must be undertaken as government works towards repairing the country’s weak fiscal position.

This follows his meeting with the PEAC, which has supported the President’s efforts in sending envoys to the US and other G7 economies to clarify South Africa’s role in working for peace.

The purpose of the PEAC is to provide advice to the President on economic policy matters, to allow for detailed discussion on current economic developments, and to allow for the consideration of new economic proposals.

PEAC members, who were appointed on a voluntary basis from October 2019 for a three-year term, which has subsequently been extended until the first half of 2024, comprise a team of 19 local and international economic experts drawn from academia, policy and business circles. 

Ramaphosa said the meeting recognised that as South Africa sought to deepen economic ties with Brics countries, the country must at the same time continue to strengthen bonds with historical trade and investment partners.

The PEAC members also welcomed the progress that had been made in implementing reforms and encouraged the President to continue driving the reform agenda across the electricity, water, rail, ports, telecoms and skills sectors to revive economic growth and create much-needed jobs. 

The meeting noted government’s ongoing efforts to push back against State-capture, corruption and violence, all of which were damaging society and the country’s economic prospects.

The country is still awaiting the implementation of the recommendations of the State Capture Commission. 

The PEAC meeting further highlighted the importance of a comprehensive and well-balanced approach in the execution of the Energy Action Plan, which aimed to promote significant levels of new investment for the fundamental modernisation and restructuring of the country’s electricity sector.

Ramaphosa thanked the members of PEAC for their “well-considered and crafted inputs and advice to government”, and he gave assurances that government remained on track to implement reforms in a purposeful manner, despite the enormity of the task that meant significant results would take time to materialise.