‘Whites Can No Longer Own And Control The Economy’ – Ramaphosa


Our Deputy President, Cyril Ramaphosa says the government will spend more billions on Broad-Based Black Economic Empowerment (BBBEE) in order to put an end to the White-owned economy anomaly that have troubled the nation for long.

Read Also: South Africa Is Politically Stable, Our Economy Will Bounce Back Soon- Ramaphosa

According to the Deputy President, the days of White-owned economy and business monopolies are over. The nation has stepped into a new era where the government will persistently work towards ensuring that black citizens of the nation, own and manage the economy.

Speaking at an ANC summit for academics and professionals in Johannesburg, Ramaphosa stated that “for far too long this economy has been owned and controlled by white people, that must come to end. For far too long, this economy has been managed by white people, that must come to an end,” he iterated.

“Those who don’t like this idea, tough for you. That is how we are proceeding,” the Deputy President added.

“We are going to intensify BBBEE,” he went on. “We are going to sharpen our teeth and determination when it comes to unemployment. We expect that our black industrialists will have up to R24bn made available to them to redefine the way business is done in our country.”

He called on black entrepreneurs to initiate productive business ideas to the ANC. According to him, the government is preoccupied with thoughts and desires to empower black South Africans. 

“In some cases we have become fanatical about it. It is in this area that we know we will be able to plant seeds of further economic growth in our country,” Ramaphosa asserted.

Reporting this, News24 related that he asked the academics and professionals to “open their wallets (and) support the party’s local government elections campaign.”

That, he did pointing out that the ANC’s relations with business and academics are important as it will speed-up the party’s actions channeled towards bettering the country.

He also, indicated that academics and professionals started the ANC and were the historic agents of change in South Africa.

See Also: Sorry Buyers, ANC Is Not For Sale – Cyril Ramaphosa