‘Corporate citizens have power to reduce inequality’

Deputy President Cyril Ramaphosa says the attitude, conduct and actions of corporate citizens can contribute to lifting the majority of South Africans out of poverty.

Deputy President Cyril Ramaphosa addresses the 11th annual Competition Law, Economics and Policy Conference of the Competition Commission held at Gordon Institute of Business Science. Picture: GCIS.

ILLOVO - Deputy President Cyril Ramaphosa says the attitude, conduct and actions of corporate citizens can contribute to lifting the majority of South Africans out of poverty.

Ramaphosa says anti-competitive behaviour impedes the economic growth of a country and competition policies must effect social change.

He was speaking at the Competition Commission’s 11th Annual Competition Law, Economics and Policy Conference at the Gordon Institute of Business Science in Illovo on Friday.

Ramaphosa says corporate citizens have the power to either reduce inequality or deepen it.

“And they can also strengthen this social fabric of our country. But if they don’t strengthen that social fabric, they can actually erode it. So, enterprises or corporate enterprises, therefore, have an important role to play in the life of a country.”

Ramaphosa says corporate citizens are needed to allow new enterprises the opportunity to flourish and expand employment.

The deputy president says when organised groups such as the corporate world steal from public resources and unsuspecting consumers, they break trust, undermine social cohesion and ultimately destroy lives.

(Edited by Zamangwane Shange)