South Africa Is on a Path of Growth, Renewal, Ramaphosa Says

(Bloomberg) -- South African President Cyril Ramaphosa said the country has been placed on a path of growth and renewal, with his administration going all out to attract investment, revive the economy and tackle graft.

A plan to stabilize struggling state power utility Eskom Holdings SOC Ltd. will be finalized within the next few weeks, Ramaphosa told reporters on Wednesday at the World Economic Forum in Davos, Switzerland. The government is focusing on rejuvenating its mining and manufacturing industries, and its growth prospects look favorable, he said.

Ramaphosa, 66, was appointed president in February last year after South Africa’s ruling African National Congress forced Jacob Zuma to step down after a scandal-marred tenure that lasted almost nine-years.

The government will ensure that a judicial panel that’s probing graft during Zuma’s rule completes its work and that all those involved in wrongdoing will be held to account, Ramaphosa said.

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