President Chairs Inaugural Meeting of New Presidential Economic Advisory Council

During the meeting, President Ramaphosa highlighted the critical role of the Economic Advisory Council in shaping economic policy.

President Cyril Ramaphosa has chaired the first meeting of the newly appointed Presidential Economic Advisory Council for the seventh administration at the Union Buildings in Tshwane on Tuesday. The Council’s main objective is to offer independent and sound economic advice to inform government policy aimed at addressing South Africa's economic challenges.

During the meeting, President Ramaphosa highlighted the critical role of the Economic Advisory Council in shaping economic policy. He emphasized that the Council’s contributions will be vital in ensuring that policies are informed by robust evidence, innovation, and diverse viewpoints.

“The Council will provide essential advice as we seek to reignite economic growth, tackle poverty, and reduce inequality,” said President Ramaphosa. He further stressed the necessity of structural transformation and economic reforms to achieve these goals.

Agenda and Proposals

The discussions at the meeting included forward-looking policy proposals on key areas such as green industrial policy, skills development, and macroeconomic policy. The President also underscored the importance of positioning South Africa for growth amid global shifts, particularly with advancements in artificial intelligence and the increasing urgency of tackling climate change, which are both expected to bring about significant changes in global economies.

Additionally, the meeting touched on South Africa's Presidency of the Group of 20 (G20) and the country’s role in shaping the global economic policy agenda during this period. President Ramaphosa outlined the main priorities for the G20 Presidency, which include:

• Mobilizing finance for a just transition to green energy,
• Addressing the unsustainable debt burden on developing countries,
• Strengthening disaster resilience and response,
• Harnessing critical minerals for inclusive growth and sustainable development.

These priorities are in line with the broader global agenda that South Africa aims to advance as part of its leadership of the G20.

Progress on Key Global Issues

The President also mentioned the progress made on various global economic issues, including international taxation, reform of multilateral development banks, and climate finance. The meeting discussed proposals to build on this progress and accelerate efforts to address these pressing global concerns.

Looking Ahead

The Presidential Economic Advisory Council’s mandate will be critical as South Africa seeks to meet the challenges of a rapidly changing global environment. With its focus on innovation, sustainability, and inclusivity, the Council is poised to play an instrumental role in shaping South Africa’s economic future and advancing the country's strategic priorities on the global stage.