JOHANNESBURG, Sept 26 – South Africa is heading for radical economic transformation, says Deputy President Cyril Ramaphosa.
Addressing the Association of Black Securities and Investment Professionals (ABSIP) in Johannesburg on Thursday, Ramaphosa called for an urgent building of the economy which reflects the demographic realities of the country.
The association is a non-governmental organization of black professionals in the securities and investments industry.
Ramaphosa told the conference that there was a need for decisive interventions to reduce inequality, which had failed to be dealt with in the past 20 years of democracy. He said this would assist in injecting competition into the key economic sectors.
The Deputy President also pointed out that the government could not drive transformation alone although its National Development Plan provided a strong platform for collaboration to fast-track an inclusive economy.
“We need to diversify our economic base and help local — and especially black — business to flourish. We need to place the economy of a qualitatively different path that ensures more rapid, sustainable growth, higher investment, increased employment, reduced inequality and the de-racialization of the economy.”
He called on the ABSIP to play a leading role in building a stronger and more vibrant economy with the key focus on youth development.