#Budget2017: Black Business Council left wanting on issues of transformation

The BCC says the minister failed to mention radical economic transformation during his speech and it was not aligned with President Jacob Zuma's Sona.

Finance Minister Pravin Gordhan delivering his 2017 Budget speech in Parliament on 22 February 2017. Picture: GCIS.

JOHANNESBURG – The Black Business Council (BBC) has called on Treasury to consider innovative methods to achieve radical economic transformation, which should include increased financing by the public investment corporation.

On Friday organised business, Finance Minister Pravin Gordhan and labour met to discuss the 2017 budget speech.

The BCC says the minister failed to mention radical economic transformation during his speech and it was not aligned with President Jacob Zuma's State of the Nation Address.

The council says Gordhan's budget speech failed to outline financial details on practical programmes to implement radical economic transformation.

Secretary General George Sebulela says, “The minister has mentioned it himself that currently only 10% of the population owns 90% of the economy; that already tells you its skewed towards only the few. We believe in changing that skewed structure.”

The council says it also noted he decreased the budget for the small and medium enterprises department, which will make it difficult to achieve its goal of creating 10 million jobs by 2030.

The BBC says despite the fear mongering, it does not believe South Africa has a debt problem.

LISTEN: Pravin Gordhan explains his "Robin Hood" Budget Speech

(Edited by Masechaba Sefularo)