South Africa is heading for radical economic transformation, says Deputy President Cyril Ramaphosa during his address at the summit of the Association of Black Securities and Investment Professionals (ABSIP) in Johannesburg on Th ursday.
Ramaphosa called for an urgent building of the economy that reflects the demographic realities of the country. The association is a Non-Governmental Organisation of black professionals in securities and investments.
Ramaphosa told the conference that there is a need for decisive interventions to reduce inequality, which failed to be dealt with in the past 20 years of democracy. He says this will assist to inject competition into the key economic sectors.
The Deputy President also pointed out that the government cannot drive transformation alone.
The government’s National Development Plan provides 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 ABSIP to play a leading role in building a stronger and more vibrant economy with the key focus on youth development.