Ramaphosa insists transformation remains central to economic growth

President Cyril Ramaphosa has reaffirmed that South Africa’s economic growth must remain inclusive and redistributive.

He made the comments on Monday at the ANC’s National General Council (NGC) opening address, stressing that the party will not retreat in the face of growing pushback against Black Economic Empowerment.

He warned that attempts to dilute transformation threaten progress made in redressing historical injustices.

Matabane says after 31 years of democracy, transformation is still lacking in South Africa.

"When we look at the numbers, the numbers don't indicate that we've reached where we wanted to go."

Black people make up 93% of the population, but this is not reflected in the management, control or ownership of the economy, says Matabane.

"Black people still own less than 5% of the economy. Almost 70% of JSE-listed companies are still [in the hands of] white males."

Matabane says that what little progress there has been over the last 30 years has been extremely slow and can even be seen in thehiring of university graduates.

"When you look at entry-level jobs, the majority of people who are being hired are white people, so Black people are still being left behind. If you look at the unemployment rate, probably 90% of them are Black."

What is urgently needed is an economic policy that seeks to redress this imbalance, says Matabane.

Matabane suggests that it is not necessarily the vehicle that is not working, but rather the slow implementation of the policy.

He blames the private sector.

"The bulk of the implementors are in the private sector, and they're ticking boxes, rather than implementing the spirit of the legislation."

To listen to Matabane in conversation with Africa Melane, click below: