President Cyril Ramaphosa has urged all South Africans, regardless of race, to work together in a united national effort to drive economic transformation, ensure inclusive growth and foster meaningful participation in the economy.

The President was speaking during questions for oral reply session in the National Council of Provinces (NCOP) in Parliament on Wednesday.

“The Broad-Based Black Economic Empowerment Act remains a fundamental lever for transformation, as part of our broader strategy to achieve more rapid, inclusive and sustainable economic growth in the country. As I have said before, we must dispense with the false notion that we must make a choice between growth and transformation.

“Black economic empowerment is not only compatible with investment and growth but is essential to achieve broad-based growth and prosperity. It must be seen as a process through which we take measures to bring those who were excluded from economic activity into the economic mainstream,” the President said.

President Ramaphosa emphasised that bringing previously disadvantaged people into the economic fold will not happen spontaneously.

“To think that it will happen on its own when, in the past, measures were taken including laws, to ensure that only a minority benefits, we would be deceiving ourselves. We must, therefore, be very clear and direct and make sure that this objective of achieving equality does happen.

“If we don’t do so, it will not happen. So therefore, we need to take demonstrable steps to make sure that there is clear movement,” he said.

The President acknowledged that although much has been achieved, “we can do better”.

“As with any other policy, we must constantly assess whether we are achieving our goals and where we can make improvements.

“The Department of Trade, Industry and Competition is therefore considering a review of broad-based black economic empowerment measures to align with government priorities of ensuring industrialisation, inclusive growth, localisation and facilitating access to finance for emerging…black enterprises.

“This should be seen as a national project. All of us must be involved in this including those who benefitted under the previous system. They must be seen to be actively involved in advancing the interests of all…failing to do so could lead to lack of growth in our economy…[and] reversals.

“All hands – black and white – must be on deck to promote transformation in our country to enable all South Africans to play a role in the economy of our country,” President Ramaphosa said.

The President told the members of the NCOP that transformation and empowerment is for the benefit of all South Africans.

“Our economy was only structured for participation by a white minority…they even passed laws to prevent everyone from participating including for jobs.

“So, we are saying that we want to benefit all South Africans not just a few. Therefore, the process of transformation needs to be embraced by all because it is to our collective benefit.

“We are all given a chance to correct the injustices of our past as set out in our Constitution. So, I call on all of us to join hands and embark on this process of transformation,” President Ramaphosa said.

Originally posted on SAnews.gov.za