Finance Minister Malusi Gigaba says that the present day SA economy still reflects the policies of the past colonial leaders.
The minister who was speaking at an engagement held by the BBC, called for a change in the economic trend where wealth is exclusively based on race, gender and class in the country.
The minister went on to launch an appeal with the White South Africans to help in seeing a successful economic transformation.
“The economy of today still reflects our colonial and apartheid past. We need white businesses to champion transformation and view it within the commercial interest of business,” Gigaba said at an engagement held by the Black Business Council (BBC),
The finance minister said white business owners could champion economic transformation in the country through their collaborations to support black, women and youth-owned business.
Failure to transform the SA economy, he said, could leave the poor vulnerable to its shocks.
Gigaba, however, admitted that the most difficult challenge facing the SA economy was the need to ensure inclusive growth because the South African economy was highly unequal and monopolised, compounded with the challenges of low competition and high barriers to entry.
Gigaba also said there were high concentrations of wealth based on race, gender and class in the country.
“It is only because black dispossession is normalised in a society that some are offended and shocked by the call for radical economic transformation,” he said.
There would be no shock at the call for economic transformation by the ANC-led government if the realities of citizens living in townships and rural areas were understood, he added in his address.
The minister’s comment brings to mind Deputy Cyril Ramaphosa’s words government would do its best to end white control of the economy by spending billions on Broad-Based Black Economic Empowerment (BBBEE) in the coming years.
The deputy’s president’s promise to black South African businesses follows Zuma’s launch of the radical economic transformation agenda which looks at enabling an inclusive economic trend.
“We are going to intensify BBBEE. We are going to sharpen our teeth and determination when it comes to unemployment. We expect that our black industrialists will have up to R24 billion made available to them to redefine the way business is done in our country,” he said at an ANC summit for academics and professionals.
Recently, the deputy President who has been up with his indirect political campaigns, called for Land to be returned to its real owners and South Africa’s wealth shared.
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He told his supporters that South Africa is in dire need of radical economic transformation and land reform initiatives that will ensure the returning of land to the rightful owners.
He, however, told his audience to note and ignore those self-centered politicians and families who preach radical economic change just to pocket some gains.