President Cyril Ramaphosa today met with Ministers and senior business leaders under the Government Business Partnership, formally commencing Phase Three of the partnership with a shared commitment to placing economic growth at the centre of the partnership’s work in 2026.
The meeting reviewed progress achieved during Phase Two, during which important gains were made in stabilising the energy and logistics systems. These advances, together with a number of other achievements, contributed to improved sentiment towards the end of 2025. Investors are increasingly responding positively to South Africa’s economic trajectory and recognising policy credibility. Significant developments include South Africa’s removal from the FATF grey list, a steady reduction in inflation towards the 3 per cent target, a successful and oversubscribed sovereign Eurobond issuance, a firmer Rand and an upgrade to South Africa’s sovereign credit rating by S&P — the first in more than two decades.
During Phase Two, coordinated interventions and policy reform improved operational performance, particularly at Eskom. The recent commencement of the Durban Pier 2 terminal concession and the opening of the rail network to private operators further demonstrate the momentum that has been achieved. The partnership agreed that the focus in these two areas must now shift decisively from crisis management to the urgent implementation of government’s structural reform agenda. Establishing commercially viable, competitive markets in these network industries is essential to mobilising the additional investment required for growth.
Against this backdrop, government and business agreed that the central framework for Phase Three of the partnership will be anchored in “Inclusive Growth, Jobs and Confidence”. In a rapidly changing global environment characterised by economic realignment, heightened competition for capital and increased uncertainty, the partnership agreed that a disciplined focus on competitiveness and inclusive growth is essential. All actions under the partnership will be assessed against their ability to grow the economy, support job creation and strengthen confidence.
Government and business further agreed that crime and corruption remain among the most significant deterrents to confidence, investment and economic growth. While progress has been made in strengthening institutional capability — including through FATF-related reforms and improved coordination — there is agreement that a more ambitious crime and corruption focus is necessary to support Government’s efforts to reform the criminal justice system. Tackling organised crime, corruption and weaknesses in the criminal justice system will therefore become a more central focus of the partnership’s work in 2026, recognising the direct link between the rule of law, societal and investor confidence, and growth.
Priority activities for Phase Three include support for government’s energy market reform, including the launch of a competitive South African wholesale electricity market, grid expansion and the publication of a clear roadmap for Eskom’s unbundling which clarifies the approach to establishing an independent Transmission System Operator in line with the Electricity Regulation Act. Another priority for this year is to accelerate reforms in the transport and logistics sector, including greater private sector participation, to increase investment and improve competitiveness and efficiency.
Youth employment interventions in other sectors will build on the model of close coordination between government and business, which resulted in the successful introduction of the Electronic Travel Authorisation (ETA), which removes a key bottleneck to increasing international tourist arrivals and supports job creation.
Across all priority areas, the emphasis will be on execution and delivery in support of growth. Government and business agreed that this year should represent a decisive turning point for South Africa’s economic trajectory, and an opportunity to achieve lasting progress and shared prosperity.
President Cyril Ramaphosa said:
“After two years of hard work, we can definitively say that this partnership has been a success. While we have achieved much, there is much that we need to do. As this partnership evolves and as the focus of our work shifts, we remain firmly committed to acting together and with purpose to serve the needs of our country.”
Adrian Gore, Group CEO of Discovery and co-convener of the business delegation, said: “South Africa is turning the corner. We must act decisively to convert this momentum into investment and jobs. ‘Growth, Jobs, and Confidence’ sit at the heart of our approach and need to be the filter for every decision in 2026. If an action does not advance these objectives, it should not proceed. If it does, we should move quickly and back it fully. Business is fully committed to supporting this.”