OVERVIEW
The Presidential Economic Advisory Council (PEAC) advises President Cyril Ramaphosa with the aim of providing sound advice on economic policy in order to spur sustained, inclusive economic growth, investment and job creation for South Africa.
The Council is a non-statutory and independent body chaired by the President and brings together prominent local and international economists and technical experts drawn from academia, the private sector, labour, community, think tanks and other constituencies.
The Council constitutes expertise in international economics; macroeconomics (including fiscal policy and monetary economics); labour economics; economics of education and the economics of poverty and inequality and urban development. Other areas of insights entail microeconomics with a focus on network industries, regulation and competition, trade, land and agriculture policy energy and climate change.
The Council serves as a forum for in-depth and structured discussions on emerging global and domestic developments, economic and development policies, and to facilitate socialisation and diligent execution thereof.
This operating model is intended to enhance the work being undertaken to build a capable state, as demanded by the National Development Plan. The Council will also be instrumental in building a knowledge base of policy and implementation lessons, best practices and field-tested success stories.
PRESIDENT RAMAPHOSA CHAIRS MEETING OF THE PRESIDENTIAL ECONOMIC ADVISORY COUNCIL
President Cyril Ramaphosa today, 17 January 2024, chaired a meeting of the Presidential Economic Advisory Council (PEAC) to discuss current economic developments and measures to support economic growth and job creation.
Members of PEAC commended the progress made in advancing economic reform, including in the energy, transport, and telecommunications sectors, as well as in rebuilding state institutions that were weakened by state capture.
The recently released results of Census 2022 show that the quality of life has improved for millions of South Africans since the previous census, including through expanded access to education, water, electricity, housing, and other basic services.
Despite the progress made in putting in place fiscally, socially and environmentally sound economic policies, PEAC noted that significant challenges remain.
In its assessment of the current economic environment, PEAC highlighted fiscal risks, the poor performance of state-owned enterprises, ongoing load shedding, historical underinvestment in infrastructure, and rising levels of crime as the most urgent obstacles to growth.
PEAC welcomed the actions currently underway to address these challenges, and discussed proposals to strengthen state capacity, professionalise the public service, and improve the governance of state-owned enterprises.
Further proposals included a proactive green industrial strategy to harness South Africa’s significant renewable energy resources, support for small businesses and the informal sector, and measures to accelerate implementation of the Energy Action Plan and end load shedding.
Finally, PEAC discussed South Africa’s role in advocating for the reform of the international financial architecture. PEAC further supported the call for appropriate financing mechanisms to support the climate transition in developing countries.
The analysis and recommendations provided by PEAC continue to play a key role in informing government policymaking.
Media enquiries: Vincent Magwenya, Spokesperson to the President- media@presidency.gov.za
ISSUED BY THE PRESIDENCY OF THE REPUBLIC OF SOUTH AFRICA
Statement Issued by: The Presidency, Pretoria