In a move signaling renewed confidence in the South African economy, President Cyril Ramaphosa officially opened the new offices of global investment manager Ninety One on Wednesday.
The event served as a platform for the President to highlight the nation's recent economic milestones and the pivotal role of the financial services sector in driving national growth.
A milestone for a global South African icon
The opening coincides with the 35th anniversary of Ninety One. Founded in 1991 as Investec Asset Management, the firm has evolved from a local startup into a global powerhouse. President Ramaphosa lauded the company as an “unmistakably, proudly South African business with a global footprint," noting that its success is a testament to the depth of local expertise and the strength of the country's financial sector.
The financial sector: A pillar of growth
During his remarks, the President emphasised that the financial services industry is more than just a corporate hub; it is the lifeblood of the South African economy. Key statistics shared:
- Employment: The sector provides direct and indirect jobs to nearly 3 million South Africans.
- Revenue: It contributes approximately 25% of all corporate income tax revenues.
- GDP Impact: The sector accounts for more than one-fifth of the national GDP and was a primary driver of growth in 2025.
The President attributed this stability to the independence of the South African Reserve Bank and a robust regulatory environment that allows the country to withstand global economic shocks.
Signs of a turning tide
President Ramaphosa used the occasion to declare that South Africa's economy is “turning a corner.” After years of stagnation, he pointed to several key indicators of recovery:
- Consistent Growth: The country has achieved four consecutive quarters of GDP growth.
- Financial Discipline: National debt has stabilised, and the government has maintained a primary budget surplus for three years.
- Global Standing: Last year, South Africa received its first sovereign credit ratings upgrade in nearly two decades and was successfully removed from the FATF grey-list.
“The tangible improvements in our economic performance… are the result of a sustained, multi-year effort to reform our economy and to fix what was broken,” the President stated.
Structural reforms and infrastructure
The address highlighted major progress in resolving the “crippling electricity crisis” and restructuring Eskom. Furthermore, the President noted improvements in logistics, specifically citing the private sector partnership at the Durban Pier 2 Container Terminal and the upcoming introduction of open access to the rail system.
Looking ahead, the government plans to spend more than R1 trillion on infrastructure over the next three years. This “massive build drive” will be supported by streamlined Public-Private Partnership (PPP) regulations and new risk-mitigation tools like the Credit Guarantee Vehicle.
A call for partnership
Concluding his speech, Ramaphosa emphasised that the era of state capture and corruption-induced damage is being repaired through transparency and collaboration. He invited the private sector to continue its partnership with the state, positioning South Africa not just as an emerging market, but as a “global financial services hub.”
The opening of Ninety One's new offices in the Foreshore district stands as a physical symbol of this ambition – a signal to the world that South Africa is “firmly on the path to recovery.”