‘SA needs new formula for inclusive growth’

Finance Minister Pravin Gordhan says the whole country must benefit from radical economic transformation and not individuals.

FILE: Finance Minister Pravin Gordhan. Picture: Reinart Toerien/EWN.

JOHANNESBURG - Finance Minister Pravin Gordhan says South Africa must come up with a new formula for inclusive growth, while calling on the business sector to help.

Gordhan says the economy won't be radicalised if the country makes superficial changes and the economy needs to be restructured, which will take up to 30 years.

His deputy Mcebisi Jonas has reportedly criticised the African National Congress for its position on radical economic transformation saying it’s just another slogan.

Gordhan says inclusive growth is an important component of radical economic transformation.

He says business must play its part by thinking outside of the box when it comes to job creation.

“The business side must be ready to absorb them. We’re working on a youth employment service… a million young people over a three-year period would be given exposure in a concrete working environment.”

The finance minister says some people see radical economic transformation as a method for self-enrichment, but the whole country must benefit from it and not individuals.

(Edited by Zamangwane Shange)