ANC prioritizes radical economic transformation

Following the African National Congress’s lekgotla, a meeting of the national executive committee last week, the ruling party top brass has made radical economic transformation an area of focus for the government. The party says accelerated radical socio-economic transformation, refers to a fundamental change in the structure, systems, institutions and patterns of ownership and control of the economy in favour of all South Africans.
ANC Secretary-General, Gwede Mantashe said this could come to fruition by using the different arms of state. “The creation of jobs, accelerating shared and inclusive growth, transforming the structure of production and ownership of means of production and enabling the talents and productive potential of our people to flourish, will help us achieve radical economic transformation,” said Mantashe.
The party believes achieving its target will require an effective state that is decisive in its pursuit of structural change. It said, a fundamental shift from a pure capitalist state is required, in order to pursue a developmentalist economy underpinned by a developmental public service. “The Constitution, legislation and regulations, licencing, B-BBEE and transformation charters, the national budget and procurement, State Owned Companies and Development Finance Institutions, as well as government programmes for redistribution, have been identified as the tools at disposal of the developmental state to advance radical socio-economic transformation,” said Mantashe.
The party also believes the National Development Plan (NDP) and the Nine Point Plan remain relevant towards achieving radical economic transformation, while barriers to SMME development must be identified while legislative and regulatory regimes redesigned to enable SMME market entry and development.