Ramaphosa attends Black Industrialists and Exporters Conference, hits back at naysayers

JOHANNESBURG - President Cyril Ramaphosa has hit back at naysayers as government takes stock of the work done to give black-owned firms a stake in the economy. 

Ramaphosa joined over 1,000 delegates at the Black Industrialists and Exporters Conference in Sandton on Wednesday. 

It’s the second time the event has been held, drawing over 1,000 delegates to Africa’s richest square mile. 

Government launched the black industrialist policy in 2016 in a bid to boost the growth and global competitiveness of black-owned companies in the industrial sectors. 

Almost a decade later, more than 1,000 black business owners are now supported through the initiative. 

While Ramaphosa admitted the programme had come under fire, he said it had proven to be fruitful. 

"Unlike many of their white compatriots, most black people did not have access to capital accumulated in families or the networks acquired at school and university, on the golf course or in social circles. The inequality went deeper. Underdevelopment in townships and bantustans limited access to economic opportunities. It is this inheritance that we are determined to overcome."