The economic plan

Deputy President Cyril Ramaphosa has pledged to reignite growth, rebuild investor confidence, improve the management of state companies, reduce the cost of doing business and tackle a 28 per cent jobless rate. Create at least one million jobs within five years. Special economic zones will be established and tax reforms and other incentives introduced to encourage manufacturers to hire. The Government will try to persuade the mining industry to take on more workers. A youth-employment programme will be scaled up to provide one million paid internships within three years. Prioritise growth and investment. The Government will target 3 per cent economic growth next year, up from about 0.7 per cent. Contain state debt and spending. Ramaphosa will seek to ensure the Government avoids an unsustainable debt trap. He’ll urge it to exercise fiscal discipline to ensure resources are used for development. Give the black majority a bigger stake. The transfer of ownership and control of the economy to black South Africans will be accelerated. The Government will investigate how to make black economic empowerment more effective and sustainable, and ensure communities and workers derive greater benefit. It will also promote competition in the banking industry to broaden access to financing and consider establishing a new fund to provide backing to small and startup businesses. Improve the education system. The Government would work with teacher unions to improve the quality of schooling, especially in townships and rural areas. Teachers will be given additional training and support. It may be made compulsory for students to study maths and science until they complete school. The state would take steps to provide free tertiary education to the poor. Clamp down on graft. A judicial commission of inquiry will be established to investigate claims public institutions have been looted . Stolen funds will be recovered and deposited in a special fund that will be used for youth training and employment. — Bloomberg