"We are all sitting in the shade of the same tree, South Africa, which will die a slow and painful death if we do not nurture it consistently and together," said Phosa.
"The lack of trust between the three key economic, social and political assemblages has developed over the past 10 years.
"These formations regularly and publicly take swipes at each other without engaging in debate regarding the future of South Africa," he said.
The former ANC treasurer-general was speaking at the Gauteng Economic Indaba in Kempton Park, on the East Rand.
He asked all stakeholders to get their "books in order" because the country was "not yet out of the woods".
His remarks were made less than 24 hours after credit ratings agency S&P Global kept its investment grade rating for South Africa unchanged last week.
"Our regional and global neighbourhood is keeping a careful eye on us at a time when all eyes are still on how ratings agencies see our attempts at creating a stable and vibrant economic and political environment.
"All South Africans demand that their collective national and provincial leaders sit up and take note of their responsibilities and act on restoring faith in our economy and country," said Phosa to a round of applause.
Credit ratings agency Moody's affirmed South Africa's rating at Baa2 with a negative outlook last month.
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