State-owned companies need reform, says Gigaba

Finance Minister Malusi Gigaba has reiterated his assurance of inclusive growth and minimal changes to the current policies.

FILE: Finance Minister Malusi Gigaba. Picture: GCIS

JOHANNESBURG - Finance Minister Malusi Gigaba says there is a need to reform state-owned companies in order to grow the economy.

Gigaba was speaking at a gala dinner of the Black Business Council (BBC) in Johannesburg on Monday night.

In his first address to the BBC since he assumed office, Gigaba has reiterated his assurance of inclusive growth and minimal changes to the current policies.

However, he urged the council to work together with government to bring about stability to the economy, saying that state-owned companies also need stabilising.

“We now need to work to modernise our public procurement, sharpen our preferential procurement relations, drive infrastructure investment and reform state-owned companies, among other interventions.”

Gigaba also urged the BBC to help unemployed youth and women to set up sustainable businesses to alleviate the high unemployment rate.

(Edited by Shimoney Regter)