President Cyril Ramaphosa’s recent visit to the United States was more than just a routine diplomatic engagement. Accompanied by a delegation of five Cabinet ministers, the President attended a series of high-profile events and meetings, from addressing the United Nations General Assembly to ringing the opening bell at the New York Stock Exchange. His mission was clear: to showcase the Government of National Unity (GNU) reforms and secure international support and investment to put South Africa back on the global investment map.

Ramaphosa rings the bell for R2-trillion

Speaking at the South Africa-USA Business Forum hosted by the New York Stock Exchange on 23 September, Ramaphosa announced an ambitious goal of attracting R2-trillion in investments from the US. This included a compelling case for why South Africa is a prime destination for investment. 

Ramaphosa emphasised that this influx of capital is crucial for supporting the GNU’s initiatives aimed at inclusive growth, job creation, and poverty reduction. “South Africa and Africa are ripe for investment,” he said, highlighting opportunities in sectors such as financial services, advanced manufacturing, energy, healthcare, and infrastructure development.

At the heart of Ramaphosa’s pitch was a strong message of stability and commitment to reform. He told business leaders, “The far-reaching structural reforms we have implemented over the past six years have opened up the country to increased levels of investment that continues to grow.” 

​​Standing in the heart of global finance, Ramaphosa struck a confident tone, acknowledging the challenges South Africa has faced and the progress made under the newly formed GNU. He described the coalition government as a “second miracle” for the nation, akin to the GNU in 1994.

“The advent of the Government of National Unity has renewed investor optimism in the South African economy. The message I bring to US investors today is that this optimism is well-placed,” he said.  

The African Growth and Opportunity Act (AGOA) has been a pivotal element in fostering trade relations between the United States and South Africa, significantly impacting sectors such as automotive, agriculture, and precious metals. Ramaphosa praised AGOA for fostering job creation and boosting economic growth and noted that AGOA, coupled with the African Continental Free Trade Area (AfCFTA), will “drive a wave of industrialisation and create dynamic regional value chains”.

However, with the upcoming US elections featuring Donald Trump and Kamala Harris, there are concerns that Trump’s tough stance on trade could jeopardise South Africa’s access to AGOA, especially with a new deal set for 2025. Regardless of the election outcome, Ramaphosa made clear that South Africa wishes to maintain AGOA trade benefits.

Ramaphosa kicked off his visit with a symbolic gesture: ringing the bell at the New York Stock Exchange on Monday, 23 September. The event, a first for a South African president, was more than just a ceremonial moment. It was a signal to the world that South Africa is open for business.

“Investments in South Africa are secure. Our business environment is stable. This is supported by policy certainty and regulatory safeguards,” Ramaphosa said. With his ambitious goals and the backing of the GNU, Ramaphosa made a strong push to reinvigorate foreign interest in South Africa’s economic potential.

A meeting with Musk

During his visit, Ramaphosa also had the opportunity to meet with Elon Musk, the tech entrepreneur and CEO of companies like SpaceX and Tesla. This meeting, which took place in New York shortly after Ramaphosa’s address at the UN General Assembly, was significant not just for its high profile but also for its potential implications for investment in South Africa.

Musk’s Starlink project, aimed at providing global satellite internet coverage, holds potential for addressing connectivity issues in South Africa, particularly in underserved areas.

Addressing the UN General Assembly

On Tuesday, September 24, Ramaphosa addressed the UN General Assembly, marking his first appearance before the body since the formation of the GNU. He used the platform to advocate for global solidarity and cooperation amidst mounting global challenges, from the war in Ukraine to the humanitarian crisis in Sudan and the ongoing conflict in the Middle East.

“Through dialogue, through respect for the rule of law, through the advancement of human rights, through cooperation and solidarity, we can and we will be able to achieve a better world for all the peoples of the world,” he told the General Assembly, adding that international law should not be applied selectively. Ramaphosa didn’t shy away from addressing the situation in Palestine, drawing parallels between Israel’s treatment of Palestinians and South Africa’s own history of apartheid. “We South Africans know what apartheid looks like. We lived through it. We suffered and died under it. We will not remain silent and watch as apartheid is perpetrated against others,” he said.

Ramaphosa also called out industrialised nations for failing to meet their climate commitments, reiterating the need for “predictable and sustainable financing for climate action.” This ties in with South Africa’s ambitious Just Energy Transition, a key focus area for the government as it seeks to balance economic growth with environmental sustainability.

A promising future?

The outcome of the visit appears promising. The strategic focus on economic reforms and the drive to secure investment have set a positive tone for the future, with Ramaphosa maintaining that the GNU is exactly what the country needed to move forward.

“South Africa is on the move,” he said. “The GNU is precisely what we needed to do.”

As the president wraps up his US visit, the challenge now lies in converting the goodwill and commitments made into tangible outcomes for South Africa’s economy and its people. But for now, Ramaphosa’s message to the world is clear: South Africa is open for business.