Malusi Gigaba has given a definition of the current government catchphrase of “radical economic transformation”‚ saying it is a way to hand the economy over to the country’s majority (Blacks).
“Radical economic transformation basically means the same thing as inclusive growth‚” said Gigaba at the World Economic Forum summit in Durban on Wednesday. “It’s about growing the economy in order to achieve transformation.”
Gigaba‚ said the country’s economy was not going to transform itself in order to meet the demands of the historically marginalised black majority.
“There is no point in growing the economy and hope that it’s going to transform itself. There is a genuine social grievance among South Africans that most South Africans have no asset base [and] that their only role in the economy is seeking employment and joining the economy as employees while whites control virtually everything. And many of them face no chance of being employed‚” he said on the sidelines of the three-day event.