Business Leadership South Africa CEO Busi Mavuso has rallied behind the launch of phase 3 of the business-government partnership, aimed at unlocking 3% economic growth, creating jobs and boosting investment confidence.At the launch, addressed by President Cyril Ramaphosa on Thursday, more than 30 CEOs committed to driving growth through energy reforms, key economic sectors and efforts to strengthen investor confidence.The latest phase marks the next chapter in the joint effort between the government and business to accelerate inclusive economic growth, unlock investment, strengthen confidence and create jobs.“Phase 3 is focused on urgently addressing the societal crisis of low growth and unemployment. It adds additional sectors to the partnership platform, with the goal of 3%+ growth and 1-million additional jobs by 2030,” Ramaphosa said in his keynote address. “The challenge is urgent. While growth has improved over the past two years, it remains too low to meaningfully expand employment; 8.5-million people are without work, and roughly 300,000 net new work-seekers enter the labour force every year. At below 3% growth, new entrants outpace job creation; above it, jobs compound. Phase 3 is designed to get South Africa decisively above that line.” South Africa’s unemployment rate rose to 33.6% in the second quarter of 2026 from 32.7% in the first quarter, the highest since the second quarter of 2022.Mavuso said at the launch function that she felt very proud of what business was doing: “We showed up in the room with a serious commitment of people, capacity and resources. As the president highlighted, the partnership is an expression of confidence by business and the government. That shows how trust has grown over the previous iterations of the partnership, cemented by the success it has demonstrated.” A government committed to reforms and creating a policy environment to support growth, coupled with a business partner committed to successful implementation, is likely “to lead to far greater levels of investment”. “We are seeing how that leads to growth through the huge investments into new energy generation, new logistics infrastructure, including rolling stock and port capacity. Private investment of more than R360bn has flowed into new renewable energy projects. While still early, we have seen commitments of over R20bn to new port and rail projects, from the Durban Container Terminal to new locomotives and wagons,” Mavuso said. Phase 3 is built on three tiers. “First, conclude the reforms required in the growth-enabling sectors, energy and transport and logistics. Second, focus on a few key sectors in which South Africa has a global competitive advantage, [which] have the potential to create many jobs, and which have underperformed relative to their potential, namely mining, agriculture, tourism and infrastructure. “Third, focus on the confidence multipliers that are key to marshalling investment, namely crime and corruption, a more evidence-based ‘SA Inc’ narrative and the City of Johannesburg.” The partnership that business and government had built is an example to the world of how social partners could work effectively together, Mavuso said. “I am often frustrated at the pace of reform, but last week was a moment to step back and recognise how far we have come, and how the opportunity ahead is real. Growth of more than 3% is the target we must all be held to. The jobs South Africa needs depend on us hitting it.” Ramaphosa said the government-business collaboration has helped to “stabilise two of South Africa’s most important network industries, advanced critical structural reforms and laid stronger foundations for economic recovery”. “Load-shedding has ended — from 335 days of power cuts in 2023 to a stable grid, with Eskom in profit for the first time in eight years. Logistics performance is recovering, with Durban named the world’s most improved port. “South Africa has exited the Financial Action Task Force greylist and recorded its first primary budget surpluses in 15 years. Economic reforms co-ordinated through Operation Vulindlela are accelerating and strengthening credibility among domestic and global investors.“Phase 3 is designed to convert this momentum into faster growth and job creation. While South Africa is showing signs of improvement — including six consecutive quarters of growth, sovereign rating upgrades by S&P and Fitch, an improved Moody’s outlook, a stronger rand, declining inflation and other significant green shoots — GDP growth was just 1.1% in 2025, while unemployment stands at 33.6%,” Ramaphosa said. “Unemployment at this scale is a national crisis, and it will not be resolved at current growth rates. The partnership must now focus on the constraints preventing growth from accelerating above 3%, the level needed to create jobs at scale…. Through our efforts, our economy is again showing signs of sustained recovery. More rapid and inclusive economic growth is within our reach.” Adrian Gore, BLSA chair and co-convenor of the partnership, said: “I am optimistic about our collective ability to fulfil South Africa’s potential. We have world-class capabilities, deep natural advantages and sectors with enormous unfulfilled potential. Phase 3 has been meticulously designed to unlock that potential through targeted interventions in areas where South Africa can compete globally and win.” In his weekly newsletter on Monday, which was about the partnership, Ramaphosa said: “By deepening these social partnerships and maintaining our collective momentum, we will convert confidence into investment, growth and jobs. And we will convert transformational reforms into shared prosperity for all.”Business Day