PRESIDENT Cyril Ramaphosa is encouraged by the modest positive signs of Mzansi's economy's recovery.
He said this is good news as the country is preparing to host the first G20 Summit on African soil, from 22 to 23 November, at the Nasrec Expo Centre, south of Joburg.
"In the week that we prepare to host the first summit of the G20 on African soil, we are able to showcase a country and an economy on the rise," said Ramaphosa.
He pointed out that several key economic indicators and developments from the past week suggest the emergence of green shoots in an economic recovery.
He said unemployment is down as data from Statistics South Africa show that the official unemployment rate fell to 31,9% between July and September 2025, down from 33,2% recorded in the previous quarter.
According to the report, nearly 250 000 more people were employed in the third quarter. Of these, about 130 000 were added to the construction sector.
Ramaphosa said that the Medium-Term Budget Policy Statement delivered last week points to a sustained turnaround in government finances.
"We are on track to achieve a third consecutive primary budget surplus. This means that, excluding interest payments on our debt, we are collecting more in revenue than we are spending. This is a sign of prudent financial management, giving us space to steadily reduce our debt to sustainable levels."
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The president mentioned that, also last week, the sovereign credit rating was upgraded by S&P.
He said this was the first such upgrade from the agency in nearly two decades.
"An improved rating generally leads to lower borrowing costs, which allows for more funds to be invested in the economy and in meeting social needs. Among the factors S&P cited for the positive outlook were Eskom's improved performance, strong tax collection, and the broad structural reform momentum having ‘picked up pace.'
"When we established Operation Vulindlela in 2020 as a government coordinating mechanism to implement transformative reforms and boost economic growth, the initial focus was on the network sectors as well as immigration reform. We are seeing steady progress in the logistics sector, notably with respect to improved performance at our ports. Measures to allow private sector companies to operate on the national freight rail network are also at an advanced stage."
Ramaphosa said the most noteworthy improvements have been witnessed in the energy sector, with Eskom now on the road to recovery, massive investment in renewable energy generation, and vastly improved electricity supply.
He said these "far-reaching" economic changes have a direct and positive impact on the lives of every South African, on their ability to lead dignified lives, to access public services, to secure employment, and to provide for their families.
"We are determined to sustain the momentum of this economic recovery, so that we can drive inclusive growth, create jobs and improve the lives of our citizens."
