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Gordhan admits there’s lag in implementing NDP

Finance Minister Gordhan says SA needs to agree that the levels of inequality are unacceptable and there needs to be a change in business culture.

FILE: Finance Minister Pravin Gordhan. Picture: Supplied.

JOHANNESBURG - Finance Minister Pravin Gordhan says the National Development Plan (NPD) remains the guiding framework in government but has conceded that they are lagging regarding its implementation.

Gordhan addressed delegates at the Discovery Leadership Summit in Sandton earlier on Monday where he lauded South Africa’s financial sovereignty and called for the protection of institutions.

The Finance Minister says the country needs to collectively agree that the levels of inequality in South Africa are unacceptable and there needs to be a change in the business culture.

Gordhan says there is a growing distrust between the ruling elite and citizens, which is creating a corrosive environment and different ways of restructuring the economy need to be considered.

He says the economy also needs to be more inclusive and this requires a business revolution in order to be achieved where the current practices are questioned.

Speaking on South Africa’s possible downgrade to junk status, Gordhan commended the team that visited ratings agencies last December, saying he is confident they will be able to put their best foot forward again.

The Finance Minister says while it has been a tough balancing act over the past few weeks, if the country puts its national interests first, he doesn’t see a reason for there to be a “fall guy” in the event that South Africa is downgraded to junk status.