Cape Town: 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 a questions for oral reply session in the National Council of Provinces (NCOP) in Parliament on Wednesday.

According to South African Government News Agency, President Ramaphosa emphasized that the Broad-Based Black Economic Empowerment Act remains a fundamental tool for transformation, as part of the broader strategy to achieve more rapid, inclusive, and sustainable economic growth in the country. He reiterated that black economic empowerment is not only compatible with investment and growth but is essential to achieve broad-based growth and prosperity, and it must be viewed as a process to integrate those previously excluded from economic activity into the mainstream economy.

President Ramaphosa stressed that integrating previously disadvantaged people into the economic fold will not occur spontaneously. He highlighted the historical context where measures, including laws, ensured that only a minority benefitted, and he called for clear and direct steps to achieve equality. He stressed the necessity for demonstrable actions to ensure progress.

The President acknowledged the achievements made so far but noted that more can be done. He mentioned that the Department of Trade, Industry and Competition is considering a review of broad-based black economic empowerment measures to align with government priorities of industrialization, inclusive growth, localization, and facilitating access to finance for emerging black enterprises. He framed this initiative as a national project requiring involvement from everyone, including those who benefitted under the previous system, to prevent economic stagnation and reversals.

President Ramaphosa conveyed that transformation and empowerment are meant for the benefit of all South Africans. He noted that the economy was previously structured for participation by a white minority, and laws were passed to restrict participation by others. He emphasized that transformation is meant to benefit all South Africans and should be embraced collectively to correct past injustices, as outlined in the Constitution. He called for unity in embarking on this transformative process.