JOHANNESBURG- Malusi Gigaba, South Africa’s (SA) finance minister has called for the swift implementation if Radical Economic Transformation to fast track the creation of jobs and inclusive economic growth.
Highlighting that government had made significant progress since 1994, the country still had to contend with high levels of unemployment.
Speaking at the African National Congress’ (ANC’s) PBF Business Breakfast in Nasrec, Johannesburg on Saturday, Gigaba said there was an intrinsic need for a racially transformed economy.
“Features of apartheid and colonialism are still prevalent. The social wage bill is fast becoming a trap if jobs are not created to stop reliance on the state. This makes the call for RET more relevant now than ever. There is no other way forward for SA. Our economic discourse must transcend the fear of laws or the desire to maintain current privilege,” he said.
He explained that it was important to build an economy for all South Africans instead of a select few.
“Growth without transformation is unjust. Transformation without growth is also self defeating. Without growth we can’t realise RET. Years of low growth has affected the ability to challenge issues of poverty. We need to ensure ownership and that worker profiles reflect the composition of broader society. We also need to reflect the post apartheid economy with a skilled middle class rather than a minerals complex,” he said.
“We also need to support the competition commission to address the onslaught of WMC. Currently, only four mining houses owned various aspects if the SA
Each and every aspect of our lives are in the hands of four companies. We Can’t grow if we don’t diversify our economy.
“We still face enormous impediments if our smaller businesses had to contend with monopolies. The fact is that Monopoly Capital needs to be de concentrated . Many small players need to participate in other sectors of the economy. Ultimately…as we de concentrate we must grow the economy,” he said