But now debt levels are once again approaching uncomfortable levels, and as I have already said, the inflation outlook requires an interest rate hiking cycle. 4. The need for reform  The above notwithstanding, South Africa does have attractive prospects for policy reform.
The National Development Plan (NDP) outlines ten critical actions which we should focus on to take the country to the next level, that of a higher, labour absorbing growth path. These critical actions include: 1. A social compact to reduce poverty and inequality, and raise employment and investment, founded on partnerships with all sectors of society. BIS central bankers’ speeches  3  2.