Zuma call for faster transformation hailed

Black business has welcomed reports that President Jacob Zuma is determined to accelerate the ANC’s economic transformation project in the run-up to the party’s elective conference in December, urging corporate interests not to stand in his way.

Land reform and black business ownership, especially in the banking sector, were among the areas where transformation needed to be speeded up, Zuma reportedly said at an ANC policy workshop in Irene last week.

He said the ANC national executive’s subcommittee on economic transformation should redraft its discussion document to adopt “a less apologetic approach” to economic redress, according to a report published in the Sunday Times.

The Black Business Council (BBC) “warmly received” the statements attributed to the president, saying they were “long overdue”. “The BBC has declared 2017 the year of radical economic transformation,” its president Danisa Baloyi said.

“Members of the BBC are waiting in the wings to grab such opportunities. We call upon banks to co-operate with this … project in the best interest (sic) of the country.”

Business Unity SA (Busa) CEO Tanya Cohen said that while it would be “inappropriate” to comment on rumours about changes to ANC or government policies, Busa’s view was that the priority should be to achieve inclusive growth.

“We believe transformation is a key area that needs to be properly assessed in conjunction with focusing on growth,” she said. “We are mindful of the need to do everything possible to ensure sustainable growth which can deliver on … national developmental objectives.”

Last year was the third in succession of negative per capita growth and stagnating poverty in SA. Business confidence has fallen to dangerously low levels and the economy’s

growth and investment potential has been eroded sharply.

The consensus among private sector economists is any attempt by the ANC to radicalise SA’s economic blueprint, the National Development Plan, would destroy what little is left of business and investor confidence, ensuring SA’s slide into junk status.

Political analyst Justice Malala dismissed the notion that there would be economic policy changes this year, but said South Africans should brace themselves for escalating rhetoric about transformation, race and apartheid reparations as politicians jostled for popularity in the leadership race.