We have excess power and no money - Ramaphosa on nuclear plan

We have excess power and no money - Ramaphosa on nuclear plan

We have excess power and no money - Ramaphosa on nuclear plan

In an interview with the BBC at the World Economic Forum in Davos, Ramaphosa was asked about South Africa's response to a recent move by the International Monetary Fund to lower its growth forecast for the country, as well as the uncertainty surrounding Zuma's tenure as president in light of the allegations of state capture.

The IMF projects the country's economy to grow by 0.9% over the next two years, down from a projection of 1.1% in 2018 it forecast in October, and 1.6% in 2019.

"We concurred that long-standing structural challenges continue to weigh on growth in South Africa", Lagarde said in a statement, adding: "We consequently agreed that bold and timely reforms are needed to create an environment conducive to job creation and less inequality".

Following a week of strong performance, where the rand climbed to strengths last seen in 2015, the currency traded even stronger on Friday afternoon, hitting R11.84 to the dollar, with many expecting it to strengthen even more.

Deputy President Ramaphosa reiterated the emergence of renewal, hope and opportunity during the interview with BloombergTV.

Also in attendance is Zimbabwe's new leader, Emmerson Mnangagwa, who is already implementing plans to increase economic growth in the country.

"Constitutionally, president Zuma still has 18 months - but in these 18 months many things can happen", Ramaphosa said. "We have decided we are going to manage this transition very carefully".

"You have a lot of the rand hedges, the likes of British American Tobacco all weaker this week mainly being tied down by a firmer rand", said GT247 trader Paul Chakaduka.

"We have taken a view that this is a very, very hard matter", Ramaphosa said, when asked if Zuma would serve out his term. "My key interest is about moving South Africa forward".

"Firstly‚ to set up a commission of inquiry to go into the full mess that we have been having over the years‚ of state capture where a few individuals‚ a few companies have captured our state institutions and were just stealing money left‚ right and centre".

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