Deputy President, Cyril Ramaphosa says the government will spend more billions on Broad-Based Black Economic Empowerment (BBBEE) in order to put an end to the White-owned economy anomaly that have troubled South Africa for long.

He said the days of White-owned economy and business monopolies are over. The nation has stepped into a new era where the government will persistently work towards ensuring that black citizens of the nation, own and manage the economy like their white counterparts..

Speaking at an ANC summit for academics and professionals in Johannesburg, Ramaphosa stated that “for far too long this economy has been owned, dominated and controlled by white people, that must come to end.

“Those who don’t like this idea, tough for you. That is how we are proceeding,” the Deputy President added. “We are going to intensify BBBEE,” he went on.

“We are going to sharpen our teeth and determination when it comes to unemployment. We expect that our black industrialists will have up to R24bn made available to them to redefine the way business is done in our country.”

Deputy Ramaphosa called on black entrepreneurs to initiate productive business ideas to the ANC. According to him, the government is preoccupied with thoughts and desires to empower black South Africans.

“In some cases we have become fanatical about it. It is in this area that we know we will be able to plant seeds of further economic growth in our country,” Ramaphosa asserted.

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