{"id":36114,"date":"2026-06-03T07:41:58","date_gmt":"2026-06-03T05:41:58","guid":{"rendered":"https:\/\/www.channelafrica.co.za\/channelafrica\/?post_type=news&#038;p=36114"},"modified":"2026-06-03T07:58:33","modified_gmt":"2026-06-03T05:58:33","slug":"oil-price-surge-will-slow-growth-hurt-inflation-gains-sa-president","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/oil-price-surge-will-slow-growth-hurt-inflation-gains-sa-president\/","title":{"rendered":"Oil price surge will slow growth, hurt inflation gains: SA President\u00a0"},"content":{"rendered":"<div>\n<p class=\"x_MsoNormal\">South Africa\u2019s (SA) President Cyril Ramaphosa has warned that the surge in international oil prices, driven by the United States (US)-Israel war on Iran, is expected to continue negatively affecting SA\u2019s economy.<\/p>\n<\/div>\n<div id=\"x_ms-outlook-mobile-signature\">\n<div>\n<p class=\"x_MsoNormal\">Ramaphosa was tabling the Presidency\u2019s budget vote for the 2026\/27 financial year in the National Assembly on Tuesday, where he identified inflation and the rising cost of living as the issues most affecting people\u2019s livelihoods.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">\u201cThe effects of the surge in oil prices and other critical supplies like fertiliser are likely to undermine much of the progress that we have made in bringing down inflation and the cost of living. Together with disruption to the global economy, these developments are likely in the medium term to slow down our economic growth and to hamper our efforts to create jobs. We should anticipate that conditions will be difficult for the next while,\u201d Ramaphosa said.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">Despite the global headwinds, Ramalhosa said SA\u2019s \u00a0economic outlook had improved in recent years.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">\u201cFollowing years of challenges, our economy is on the mend. The macroeconomic environment has improved, tax collection revenues remain strong, public finances are in better shape and national debt has stabilised,\u201d Ramaphosa told Parliament.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">He noted that ratings agency Moody\u2019s had recently upgraded SA\u2019s outlook from stable to positive, while Standard &amp; Poor&#8217;s\u00a0had lifted the country\u2019s credit rating for the first time in two decades.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">Ramaphosa said the sixth SA Investment Conference, held in March, had secured investment pledges in excess of R890 billion ($55 million) across various sectors, with a substantial portion coming from domestic investors.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">\u201cWhen local investors show confidence in the prospects of the economy, international investors follow suit,\u201d he said.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">He announced that government had embarked on what he described as the largest infrastructure build programme in the country\u2019s history, with R1 trillion ($62 billion) to be invested over the next three years in roads, dams, schools, hospitals, clinics, and energy and transport infrastructure.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">\u2014SABC\u2014<\/p>\n<\/div>\n<\/div>\n","protected":false},"featured_media":34277,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news-type":[44],"class_list":["post-36114","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"Ramaphosa was tabling the Presidency\u2019s budget vote for the 2026\/27 financial year.","published_date":"","news_description":"Ramaphosa was tabling the Presidency\u2019s budget vote for the 2026\/27 financial year.","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/36114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/36114\/revisions"}],"predecessor-version":[{"id":36115,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/36114\/revisions\/36115"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/34277"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=36114"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=36114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}