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Ramaphosa: Business shouldn't fear radical economic transformation

Deputy President Cyril Ramaphosa says that business and ordinary South Africans should embrace the concept, adding that if properly implemented, it could improve the economy.

FILE: Deputy President Cyril Ramaphosa. Picture: GCIS.

JOHANNESBURG - Deputy President Cyril Ramaphosa says business should not fear the implementation of radical economic transformation because of what he calls the misuse of the term by those who only seek to abuse it.

Ramaphosa was speaking in Johannesburg on Tuesday at the Gordon Institute of Business Science about radical economic transformation.

He says that business and ordinary South Africans should embrace the concept, adding that if properly implemented, it could improve the economy.

Ramaphosa says it’s the Freedom Charter which paved the way and first spoke of what’s now become the catch phrase radical economic transformation.

He says that given the extent of black people’s dispossession, discrimination, exploitation and exclusion due to apartheid, the Freedom Charter was a call for radical and fundamental economic transformation.

He says business should not be distracted by those who use the term to justify state capture.

Ramaphosa also says that business needs to play a bigger role in achieving a more inclusive economy.

“Not only thinking about yourselves as executives and shareholders, you should also be thinking about those in the community.”

Ramaphosa says radical economic transformation is crucial but must be done properly.

LISTEN: What is a radical economic transformation? Pravin Gordhan explains

(Edited by Zamangwane Shange)

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