Black Business council (BBC) believes the SA Reserve Bank Need to widen its mandate so it would focus on employment.
The council said this, drawing concern over the increased rate of unemployment ravaging the country.
SA Unemployment rate rose to 26.6% and according to the Trading Economics global macro models and analysts expectations, it is expected to be 26.40 percent by the end of this quarter.
The BBC deputy president Sandile Zungu said the country’s economy need to be revived in such a way that it will give room for more job opportunities for SA citizens.
“Most developing countries in the world have used a multiplicity of instruments to drive a certain behaviour in the economy, and to a certain extent we are not seeing ourselves as outliers in terms of general thinking,” he said, pointing out that economic transformation is needed to give room for a greater participation by black people in the economy.”
Speaking on the sidelines of the council’s annual conference, Zungu said the Black Business Council had been at the centre of persuading ratings agencies to avert a downgrade.
“As an organisation we recognize the importance of these ratings agencies and it’s quite important that we pull in the same direction as everyone else in the country to not necessarily throw stones at the ratings agencies,” he concludes.