CAPE TOWN - South African President Cyril Ramaphosa said on Thursday that his government will initiate a fresh wave of reforms to drive inclusive economic growth that benefits all citizens.

Ramaphosa made the remarks when delivering the State of the Nation Address (SONA), under the theme "A nation that works, for all", on Thursday evening at the Cape Town City Hall before a joint sitting of both houses of parliament. This marked the first SONA under the Government of National Unity (GNU) formed after the outcomes of the country's 2024 elections.

In the address, the president outlined the task of the government in implementing the three strategic priorities of the Medium-Term Development Plan: driving inclusive growth and job creation, reducing poverty and tackling the high cost of living, and building a capable, ethical and developmental state. According to him, the Medium-Term Development Plan was adopted recently by the GNU, which sets out a clear and ambitious program for the next five years.

"Our most urgent task is to grow our economy so that we can create jobs, reduce poverty and improve the lives of all South Africans," said Ramaphosa. "We want a nation with a thriving economy that benefits all. To create this virtuous cycle of investment, growth and jobs, we must lift economic growth to above 3 percent."

"Over the coming year, we will initiate a second wave of reform to unleash more rapid and inclusive growth," Ramaphosa noted. While highlighting that South Africa will deepen reforms in several key sectors such as energy, mining, tourism and public service, he said an immediate focus is to enable national power utility Eskom, logistics group Transnet and other state-owned enterprises that "are vital to our economy to function optimally".

The president further noted that investment in infrastructure is another priority. "To achieve higher levels of economic growth, we are undertaking massive investment in new infrastructure while upgrading and maintaining the infrastructure we have," he said. "Government will spend more than 940 billion rand (about $50 billion) on infrastructure over the next three years."

On the international front, Ramaphosa pointed out that South Africa chose "Solidarity, Equality, and Sustainability" as the theme of its presidency of the Group of Twenty (G20), which the country assumed on Dec 1, 2024, to underscore the need for cooperation and partnership among the countries of the world.

"For the first time in its history, the G20 is being hosted on the African continent following the admission of the African Union as a member of the G20. It is an opportunity to place the needs of Africa and the rest of the Global South more firmly on the international development agenda," he said.

With Africa remains at the center of the country's foreign policy, "our G20 presidency is a valuable opportunity for South Africa to advance efforts towards greater global economic growth and sustainable development," he added.