South Africa must fix its public finances, Ramaphosa says

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7:01 PM / Updated 8 hours agoSouth Africa must fix its public finances, Ramaphosa saysWendell Roelf 3 Min ReadCAPE TOWN (Reuters) - South Africa must fix its strained public finances and procure more renewable energy quickly to address a power crisis, President Cyril Ramaphosa said on Thursday.

President Cyril Ramaphosa delivers his State of the Nation address at parliament in Cape Town, South Africa, February 13, 2020. REUTERS/Sumaya Hisham Ramaphosa acknowledged in an annual address to parliament that growth had stalled, exacerbating high levels of unemployment and increasing hardship for millions of citizens.

But the speech was short on specifics or timeframes that would have reassured investors that his government had a clear plan to solve the deep-seated structural problems in Africa’s most industrialized economy.

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