Radical economic transformation will be at the centre of government’s priorities for 2017, as the state seeks to overhaul the economic structure of the country for the benefit of all citizens.
This was announced by President Jacob Zuma when he delivered his State of the Nation Address (SoNA) to a joint sitting of Parliament in Cape Town recently.
“Today we are beginning a new chapter of radical transformation, the state will play a role in the economy to drive that transformation,” he said.
His comments come at a time when the economy is not growing fast enough to create much-needed jobs in the country.
Government anticipates an economic growth rate of 1.3 percent in 2017. But unemployment remains a huge challenge, hence government’s Nine-Point Plan to reignite growth so the economy can create jobs, he said.
The time had come for the state to move a step further to ensure an overhaul of the economic structure of the country for the benefit of all citizens - not just a few.
Fundamental change needed
There needs to be fundamental change in the structure, systems, institutions and patterns of ownership, management and control of the economy in favour of all South Africans, especially the poor, the majority of whom are African and female, he pointed out.
Of concern was that 22 years into democracy, the majority of black people were still economically disempowered.
“The gap between the annual average household incomes of African-headed households and their white counterparts remains shockingly huge. White households earn at least five times more than black households, according to Statistics SA.
“The situation with regard to the ownership of the economy also mirrors that of household incomes. Only 10 percent of the top 100 companies on the Johannesburg Stock Exchange are owned by black South Africans, directly achieved principally, through the black empowerment codes, according to the National Empowerment Fund,” President Zuma noted.
Denne historien er fra March 2017-utgaven av Public Sector Manager.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra March 2017-utgaven av Public Sector Manager.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Lefentse Phokwane Reaching New Heights At SAA
Growing up on the streets of Vosloorus in Ekurhuleni, Lefentse Phokwane aspired to become a chemical engineer, but ended up studying for a Diploma in Non-Destructive Testing Inspection at the Vaal University of Technology (VUT) instead.
Looking To The Skies For Solutions
A young South African is exploring the secrets of the universe and believes studying the cosmos can teach us many things that we can apply in improving our daily lives.
From Flight Attendant To CEO
Zuks Ramasia is the perfect example of what people can achieve when they believe in themselves and pursue their ambitions.
Qualification Frauds Could Find Themselves Behind Bars
Lying about your qualifications could now lead to jail time, according to the new National Qualifications Framework (NQF) Amendment Act which aims to prevent the misrepresentation of qualifications and fraud.
City Shelter Assist Displaced Foreign Nationals
Displaced foreign nationals are being accommodated at the DH Williams Community Hall in Gauteng.
Women Must Take Their Rightful Place In Society
This Women’s Month, South Africa has much to be proud of.
G20 Summit Tackles Key Issues
The recent G20 Summit allowed for critical engagement on efforts to address major global economic challenges
Stand Up For
women’s rights in South Africa
Mpumalanga – A Rising Sun Guided By A Visionary Woman
For many South Africans, the province of Mpumalanga (which translates to “place of the rising sun”) flies under the radar.
Giving Women, Youth And People With Disabilities Their Dignity
The Minister in the Presidency for Women, Youth and Persons with Disabilities, Maite NkoanaMashabane, wants the advancement of women to continue to be a priority in government’s service delivery programmes.