{"id":173895,"date":"2017-05-09T11:46:54","date_gmt":"2017-05-09T09:46:54","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=173895"},"modified":"2017-05-09T11:51:12","modified_gmt":"2017-05-09T09:51:12","slug":"the-anc-hasnt-defined-what-radical-economic-transformation-is-yet-gigaba","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/173895\/the-anc-hasnt-defined-what-radical-economic-transformation-is-yet-gigaba\/","title":{"rendered":"The ANC hasn&#8217;t defined what radical economic transformation is yet: Gigaba"},"content":{"rendered":"<p>Finance Minister Malusi Gigaba used his first parliamentary appearance to clarify what was needed from his department going forward, and his plans to bolster investor confidence in the country, according to a report by <strong><a href=\"http:\/\/af.reuters.com\/article\/southAfricaNews\/idAFJ8N1HK018\" target=\"_blank\" rel=\"noopener noreferrer\">Reuters<\/a><\/strong>.<\/p>\n<p>&#8220;South Africa needs to provide policy clarity to boost investor confidence in the wake of a cabinet reshuffle and a pledge to introduce &#8216;radical economic transformation&#8217;,&#8221; said Gigaba<span id=\"midArticle_byline\"><\/span><\/p>\n<p>&#8220;The debates around radical economic transformation are ongoing,&#8221; Gigaba told parliament&#8217;s finance committee.<\/p>\n<p>However, he noted that\u00a0the ANC, which is responsible for steering government policy, has not yet defined what this transformation entails.<\/p>\n<p>&#8220;We know that we need to continue acting conscientiously to do what we have to do, including providing policy clarity on a number of areas &#8230; to boost business and investor confidence.&#8221;<\/p>\n<p>Speaking at the World Economic Forum for Africa in Durban last week, Gigaba confirmed that even with ongoing concerns from rating agencies, he was positive that the country could recover from junk status.<\/p>\n<p>He noted that this could be achieved without compromising on the radical transformation of the economy.<\/p>\n<p>\u201cThe political and economic elites cannot engage in banal debates about what name we must give the economic transformation that we seek,\u201d Gigaba said.<\/p>\n<p>\u201cAt the heart of what we need to achieve is to change the structure of production and change the patterns of ownership and make those who are marginalized, most of whom are black, feel they are part of the economy.\u201d<\/p>\n<p>\u201cWhat we are aiming for is a growing economy that is transforming and a transforming economy that is growing. You cannot have an either-or question. It\u2019s a luxury we can\u2019t afford,\u201d he said.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/general\/173625\/gigaba-scraps-multi-billion-rand-deal-with-guptas-report\/\" target=\"_blank\" rel=\"noopener noreferrer\">Gigaba scraps multi-billion rand deal with Guptas: report<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister used his first parliamentary appearance to clarify what was needed from his department going forward and his plans to bolster investor confidence in the country.<\/p>\n","protected":false},"author":10,"featured_media":52621,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[25,3482],"class_list":["post-173895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-active","tag-reuters"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/173895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=173895"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/173895\/revisions"}],"predecessor-version":[{"id":173913,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/173895\/revisions\/173913"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/52621"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=173895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=173895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=173895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}