JOHANNESBURG, Enoch Godongwana, the Head of the Economic Transformation Committee of South Africa’s ruling party, the African National Congress (ANC), says for the structure of the nation’s economy needs to change in order to benefit all people.
Speaking to the South African Broadcasting Corporation (SABC) here Morning on the sidelines of the ongoing 5th ANC Policy Conference, Godongwana said the structural changes to the economy to be discussed at the conference included the need to grow employment as well as the ownership structure of the economy.
The National Policy Conference serves as a platform to discuss current policies and make recommendations, amendments and new policies to benefit South Africans. Godongwana said that given South Africa’s past, the structure of the economy was still distorted, and still reflected the apartheid legacy.
Meanwhile, Economic Development Minister Ebrahim Patel said his department was looking into expanding the powers of the Competition Commission and amending the Competition Act. The Commission recently exposed collusive conduct in various sectors.
Patel made the announcement during an ANC progressive business forum breakfast briefing in Johannesburg. “We are looking at changing the mandate of the competition authorities, giving them more power and more authority to investigate where there are high levels of concentration and to give effective remedies to deal with those,” he added.
“So we will be introducing through the Cabinet process amendments to the Competition Act that takes this important institution, the competition authorities, and to give them a wider remit so that we can help to ensure that our economy is inclusive and that all South Africans have an opportunity and that exclusion must be something of the past.”
Source: NAM NEWS NETWORK