Picture: President Cyril Ramaphosa at the NYSE Bell Ringing Ceremony President Cyril Ramaphosa rings the opening bell at the New York Stock Exchange, signalling a new era of economic opportunity for South Africa. Image: @NYSE (X)
(The Post News)- In a bid to attract much-needed foreign investment, President Cyril Ramaphosa took centre stage at the New York Stock Exchange On the 23rd of September, participating in a fireside chat at the NYSE Business Forum before ringing the closing bell. With a message emphasising South Africa’s “new era” of reform and growth, Ramaphosa sought to assure American investors that the country is open for business.
Addressing a room of business leaders, investors, and innovators, Ramaphosa acknowledged the challenges that have plagued South Africa in recent years – corruption, mismanagement, and a stagnant economy. But his message was one of transformation, of a nation turning the page on a troubled chapter and embarking on a journey of renewal.”We are now in a new era,” President Ramaphosa declared, his words carrying the weight of conviction.
President Ramaphosa outlined a series of bold structural reforms aimed at revitalising the South African economy. He spoke of breaking the monopoly of the state-owned energy provider, opening the doors for private sector participation in power generation. He emphasised efforts to streamline bureaucratic processes, making it easier for businesses to register, operate, and thrive. And he highlighted the ongoing work to address logistical bottlenecks that have hampered economic progress.
In a moment that captured both his optimism and pragmatism, Ramaphosa remarked, “I can smell money here.” This candid statement, delivered with a touch of humour, underscored his belief in South Africa’s potential as an investment destination. Beyond immediate investment opportunities, Ramaphosa emphasised the strength and stability of South Africa’s financial institutions. He highlighted the country’s well-regulated banking system, robust capital markets, and strong constitutional governance as key factors underpinning long-term economic stability and investor confidence.
President Cyril Ramaphosa’s visit to the NYSE Business Forum was part of a broader effort to engage with international business communities and attract investment to South Africa. President Ramaphosa highlighted South Africa’s progress in structural economic reforms, investment in infrastructure, and commitment to clean energy. He also emphasised the country’s achievement in reaching its investment target ahead of schedule and set a new goal for the coming years.
The forum provided an opportunity for South Africa to showcase its potential as an investment destination and to reaffirm its commitment to an inclusive and sustainable economic growth path. President Ramaphosa’s presence at the NYSE Business Forum underscores the importance of international cooperation and dialogue in fostering economic development and global partnerships.
About the Author
