South Africa's President Ramaphosa, seen here ahead of his annual State of the Nation Address, will formalise the election date with a proclamation

The inclusion of workers in strategic corporate decision-making boosts morale, innovation and help build a resilient economy, President Cyril Ramaphosa said at the inaugural Worker Share Ownership Conference held in Johannesburg on Tuesday.

The president said this conference serves as a platform to encourage Employee Share Ownership Plans in private companies.

The conference allows a meaningful dialogue among diverse participants including trustees, CEOs, labor and business representatives and company chairs. The president said it is "an opportunity to develop a model of worker ownership that can serve the needs of our economy," SA News reported.

"When workers participate as owners, the workers also develop a deeper understanding of the challenges and opportunities that face their own companies, enabling more fruitful partnerships to unlock opportunities for growth, investment and job creation," Ramaphosa added.

According to the president, this is a paradigm shift, which aims to empower workers not only as wage earners but also as partners, as stakeholders with ownership in capital.

Ramaphosa also mentioned that aside from being fair, worker ownership initiatives are good for business and the economy as they help create a stronger economy where everyone benefits and they also make workers happier and more productive.

He added that those workers who feel respected and valued by their bosses are likely to perform better and contribute more ideas in improving processes, products and services.

The president pointed out that it is "human nature that one is more inclined to contribute one's best efforts when one has a vested interest in the success of that particular venture."

Ramaphosa stressed that the government has taken significant steps to enhance economic transformation after the harmful apartheid laws, which intentionally prevented black South Africans from fully engaging in their country's economy.

South Africa witnessed the end of the apartheid era in 1994, marking the first general elections in the country.

The country is all set to witness another election, marking the seventh polls in South Africa, for choosing a new National Assembly alongside the provincial legislature in each province on May 29.

Ramaphosa last week urged everyone in the country including citizens, political parties, and civil society to cooperate and make sure this year's general election is a success.