South Africa renews business-government pact to boost growth

South Africa’s government and business leaders are rebooting their partnership with a renewed push to revive an economy that has underperformed for more than a decade.

“While we have achieved much, there is much that we need to do,” President Cyril Ramaphosa said in a statement Tuesday after meeting with ministers and business to start Phase Three of the compact formed in 2023.

Over the past year, Africa’s largest economy has been removed from the Financial Action Task Force’s grey list, received a credit-rating upgrade from S&P Global Ratings and formally adopted a 3% inflation target — steps that have helped drive a rally in the rand and local bonds.

The next phase of the partnership will focus on youth employment, tackling crime and corruption, and accelerating reforms in energy and logistics to improve growth and confidence, according to the statement.

The partnership will support the creation of a competitive