JOHANNESBURG - President Cyril Ramaphosa says state capture, corruption and the legacy of apartheid are to blame for the country's poor economic performance.

Ramaphosa was speaking at the opening of the government's two day Jobs Summit on Thursday.

“Our economic performance has also been undermined by state capture and corruption in both public institutions. Of late, we are also seeing what it is doing in private institutions.”

The president added that state capture and corruption has undermined investor confidence but also undermined public trust.

“It has eroded key institutions. While progress has been made in lifting millions of our people many of them still face hardship.”

Rampahosa has also made bold promises about the outcomes of the jobs summit.

WATCH: Ramaphosa opens jobs summit

He said agreements reached should result in nearly 300,000 jobs being created every year.