Economic transformation urgent and unavoidable‚ says Gigaba

16 May 2017 - 00:18 By Jan Bornman
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Minister Malusi Gigaba also has the support of the ANC youth league.
Minister Malusi Gigaba also has the support of the ANC youth league.
Image: Martin Rhodes

Finance Minister Malusi Gigaba has described the transformation of the economy as “the most difficult challenge of our time”.

Quoting statistics released recently by Oxfam SA‚ which showed that the three richest people in South Africa owned as much wealth as the bottom 28 million people‚ Gigaba said the transformation of the economy was an “urgent and unavoidable matter” that the country needed to deal with.

  • Black Business Council sings Gigaba's praisesFinance minister Malusi Gigaba has been described as a ”battle-tested‚ highly qualified and dynamic leader“ at the Black Business Council’s gala dinner on Monday.

 “Our inability to transform the economy has left the poor vulnerable to economic shocks‚” he said. “We have much to do‚ so let’s avoid distractions and let’s find common ground.” Gigaba called on people to “internalise the mindset that growing black business is good for South Africa”. He said more needed to be done to involve women and the youth in economic transformation.

  • Gigaba thanks outgoing director general Lungisa FuzileFinance Minister Malusi Gigaba extended his gratitude to Lungisa Fuzile‚ the outgoing director general of the National Treasury‚ who completed his last day of his notice period on Monday.

The minister said achieving economic transformation would require sound policies and the willingness of business.

Earlier‚ Gigaba thanked former National Treasury Director-Lungisa Fuzile for the “professional manner in which he ensured the smooth transition” to his replacement‚ Dondo Mogajane. Fuzile served the last day of his notice period on Monday.

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