The Minister of Finance, Mr Malusi Gigaba, has told the Standing Committee on Finance that the ruling party is yet to formulate a clear definition of the concept of radical economic transformation, despite this being a buzzword in the national political discourse.
The debate on radical economic transformation is ongoing, he said, and the upcoming African National Congress policy conference, to be held in June 2017, may conclude that it is in the best interests of all South Africans, black or white, rich or poor.
The National Treasury together with South African Revenue Services (SARS) appeared before the Standing Committee on Finance to report on their strategic planning and annual performance plans for the year 2017/18. Accompanied by his deputy, Mr Sfiso Buthelezi, Mr Gigaba was making his first appearance before the Committee as Minister of Finance, following the recent Cabinet reshuffle in April 2017.
“We should be preoccupied with the appreciation that South Africa comes from the ugly past, whereby the majority of population were deliberately excluded from participating in the mainstream economy. Call it radical economic transformation or inclusive growth, but the point is to ensure active participation in the economy by all,” Minister Gigaba said.
The Chairperson of the Committee, Mr Yunus Carrim, emphasised the importance of policy certainty and a coherent government message in order to instil investor confidence. “There needs to be a clear definition on what inclusive growth and radical economic transformation means,” he said.
Mr Carrim also took the opportunity to inform the Minister about decisions taken by the Committee regarding the National Treasury, which had not implemented. He said the Committee last year decided that the position of Chief Executive Officer of the South African Airways should be filled before the end of January 2017. However, the position is still vacant.
Mr Carrim further highlighted that the Committee had also resolved that the position of Chief Procurement Officer at the National Treasury should be filled.
Justice Molafo
9 May 2017
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