PRESIDENT Cyril Ramaphosa says Broad-based Black Economic Empowerment (BEE) is here to stay.
Addressing the Black Business Council summit in Kempton Park at the weekend, the ANC leader hit back at critics domestically and abroad.
Ramaphosa doubled down on the government’s transformation policies, aimed at redressing South Africa’s deep-rooted inequalities.
He argued that real economic growth will only be possible through meaningful transformation while highlighting the significance of the Government of National Unity (GNU).
Ramaphosa fired off: “Fundamental economic transformation is vital to the growth of our economy and the progress of our nation.
“This transformation is necessary if we are to unlock the capabilities of all our people and realise the full potential of our economy.”
He called out his critics and questioned if their opposition stems from fear or envy.
He adds: “Transformation is not a hindrance to growth – it is the engine of growth.
“We must dispense with the false choice that we are urged to make between growth and transformation. Transformation is vital if growth is to be meaningful, inclusive and sustainable.
“Growth is essential if we are to effectively transform our economy. Our task is to ensure that we pursue both growth and transformation, in concert, with more vigour and to greater effect.”
Ramaphosa highlighted that the average income of white households remains nearly five times higher than that of black African households – a gap that, in his view, underscores the continued need for aggressive policy intervention.
He explains: “We need to challenge the notion that black economic empowerment is a cost to the economy. We need to demonstrate that it is an investment in the economy.
“Now is not the time to abandon the measures we have put in place... Now is the time to move forward with greater purpose...”