The African National Congress (ANC) won its' fourth successive victory in the general elections in South Africa on 22 April 2009. For the ANC as a party the volume of the victory means that we have retained the trust of the large majority of South African voters across the whole of the country.

In simple terms, the rest of the political parties in the country won about a third of the vote, and, rather than eat into the ANC majority, there has been a reshuffling of the votes of the opposition. Some of the parties that had previously been small players nationally have now shrunk to become regional actors in the various provinces.

In political language this means that the ANC clearly and unambiguously represents the moral majority in our country, and will continue to strive towards a better life for those who most severely felt the impact of the oppressive policies of previous governments. In that regard it is safe to say that you can expect the government of President-elect Jacob Zuma to focus its attention, policies and delivery on providing a bouquet of health, education, housing and infrastructure services to accelerate socio-economic transformation in South Africa.

To ensure that this agenda is elevated to national priority you can expect a number of structural, policy and management changes to be announced in the next month or two. Systems that have not been functional will be changed and creative methods will be sought to shorten the channel between policy and delivery. I want to make it very clear, however, that we will not, in an effort to address poverty and create jobs, or to improve governance change the Constitution as if it is our own private property.

The Constitution of South Africa belongs to all South Africans and the ANC respects the fact that all of us as South Africans toiled and slaved to make it a beacon of hope and principle that it is. We have no intention of making it a political plaything. I am an Afro-optimist.

The IMF's prediction projected a growth rate of 2% for Africa against contractions of 1.3% for the globe and 4% for the Eurozone economy. As a businessman that, in my mind, spells opportunity.

In the South African scenario that signifies that we are actively looking for partnerships with our international friends and partners to seize opportunities in the sectors that I have just spelt out as government priorities. If the incoming Zuma administration were to create opportunities for investors in the health, education, housing, infrastructure, commodities, energy and resources industries, it would beg for partnerships between our own companies and those in Europe and across the globe who are looking for profitable partnerships with South Africa.

The incoming President will verbalize his own economic policies in consultation with his economic, trade, industry and financial advisers and ministers, but we have repeatedly stated that our conservative fiscal and monetary policies will remain in place. I want to emphasize that point. Inasmuch as I emphasized the point that the South African government understands the current global challenges, it also understands that an isolated South African response to those challenges would be short-sighted.

I believe, therefore that it would better suit us to inform our policy responses with a regional and continental flavour and consultation process. The realities of regional economies have been aptly illustrated and converted into opportunity by the European Union and others.

In our context that means that we will start a process of carefully looking at the institutions that we have created in our region and on the continent, as well as its policies, powers and successes.

Our government will actively look for partnerships in the region and on the continent, as we believe that the opportunities here beg for multi-lateral solutions created by friendship, partnership and common interest. You can, therefore, expect us to act as leaders should, but, in all cases, looking for the common good of the region and the continent, and, indeed, those countries and companies that have profitable solutions to offer in partnership with us.

We fully understand that good governance, sound macro-economic policies, mature democracies and enhanced security makes for better partnerships with you. You can rest assured that it will receive our priority attention in our interaction with regional economic structures across Europe and the globe. Our ability, in South Africa, the region and the continent, to create and benefit from opportunities will, to a large extent, depend on our ability to access capital through international institutions and the private sector globally.

In my own view a knee-jerk reaction of ultra-pessimism is the wrong formula for South Africa and the region. The challenging state of the global economy presents us with a once in a lifetime opportunity to improve our position and status in the global economy. If we achieve success by positively stimulating the economy through improved access to credit here and internationally major opportunities can be created in the short and medium term while the economic pendulum starts its upswing.

We have, for instance, been blessed in South Africa, and the African continent, with an abundance of resources, whilst in the current slump in commodities exports, there is a substantial long term opportunity. In short: our macro economic policies will not shift, but our focus on delivery in specific sectors will be sharpened.

We will not seek to play an isolated leadership role in the region, but will look actively for political and economic partnerships based on common interests and opportunities.

Within that formula we stand ready to explore opportunities with the international community, and especially, the investment community.

This is an edited copy of the speech given by African National Congress Treasurer General Mathews Phosa to the Global Emerging Markets Summit in London this week, April 2009

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