'SA's inherited racially skewed economy must be rectified through policy'

Cyril Ramaphosa is speaking at the 11th annual competition law economics and policy conference hosted by the Competition Commission

FILE: Deputy President Cyril Ramaphosa. Picture: GCIS

JOHANNESBURG - Deputy President Cyril Ramaphosa says the “inherited racially skewed economy” needs to be corrected.

Ramaphosa is speaking at the 11th annual competition law economics and policy conference hosted by the Competition Commission, at the Gibs Business School in Illovo.

Ramaphosa says the way the economy was structured in the past is a problem, which must be rectified through policy.

“Twenty-three years after our democracy, the moment has arrived for us to introspectively look at transforming this and we do this by looking at what’s happening in the world. The world is now calling for inclusivity and effort.”

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

He says the Competition Commission is important as it ensures that these policies are enforced.

“We want to look at everything that moves and drives our economy so that we can continue with the process of creating an economy that responds to the needs of our people.”

Ramaphosa says South Africa is going through the process of self-evaluation.

Ramaphosa says anti-competitive behaviour has the potential to further cripple the country financially and the commission must fight against this.

“The issues we’re dealing with are profound as they have an impact on the lives of ordinary people.”

Last month, the deputy president called for policy development, saying most of the economy is controlled by private companies and certain individuals.

He also assured women that the ANC is seeking ways to emancipate them in order to participate in the economy.

(Edited by Shimoney Regter)