Gordhan: SA economy still needs to transform & be inclusive

The finance minister says the issue of a concentration of products needs to be debated.

FILE: Finance Minister Pravin Gordhan. Picture: Kgothatso Mogale/EWN.

CAPE TOWN – Finance Minister Pravin Gordhan has told investors that economic and inclusive transformation will be part of the debate for a long time as the country continues to address structural hurdles inherited from apartheid.

Gordhan spoke on the sidelines of the Mining Indaba in Cape Town on Tuesday.

He says some may label economic transformation as radical.

“But the essence is that our own history and the history sanctions against apartheid South Africa has resulted in many parts of the economy becoming highly concentrated and oligopolistic. We’re not a very competition ridden economy.”

Gordhan says this issue of a concentration of products needs to be debated.

“On the flip side of concertation is that the marginalisation of the majority of South Africans continues in economic terms and that is not a healthy situation going into the future.

“So a lot of our emphasis is going to be on inclusive growth and transforming the economy so that we’re more efficient.”

(Edited by Leeto M Khoza)