South Africa needs to move away from a purely capitalist state to a state-managed developmental economy, the ANC said at a media conference on Monday.

The ruling party is mooting radical economic transformation through among other things changing the banking environment to become less “concentrated and racialized” and more in the interest of the vast black majority of the country.

The ANC said it intends on using the constitution, legislation and regulation, licensing, broad-based black economic empowerment (BBBEE), the national budget, state-owned enterprises and development finance institutions to change the ownership and control of the economy “in favour of all South Africans, especially the poor black, the majority of whom are African and female”.

The ruling party has recently taken a stronger stance against the fact that the economy remains in the hands of a small white minority.

The ruling party called on government to develop and implement a programme for the transformation and de-racialisation of the financial sector.

The ANC further said it “directs” government to consolidate government-owned mineral holdings and to make haste with the implementation of the Minerals and Petroleum Resources Amendment Bill, which was passed by the National Assembly late last year.

The bill has been sent to Pres. Zuma for ratification.

The ANC also calls for urgency in the implementation of a wealth tax to enable better investment in infrastructure and skills development.