Read: Economic transformation

Read: Economic transformation is not radical, it’s necessary. Gordhan

The South African economy can’t continue the way it has been, we need transformation now.

Read: Economic transformation

Finance Minister Pravin Gordhan has been speaking on the side lines at this year’s Mining Indaba in Cape Town. If you’re one those people who is sick of hearing words like “transformation” and “inclusivity” then the finance minister says you need to catch a wake up.

Gordhan told investors that both economic and inclusive transformation will continue to be part of the debate for years to come. He emphasised that the country is and has to continue addressing the structural impediments carried over from apartheid.

The minister took exception with people labelling economic transformation as radical.

“Our own history and the history sanctions against apartheid South Africa has resulted in many parts of the economy becoming highly concentrated and oligopolistic.” Gordhan also pointed out how we need to discuss the concentration of products in our economy. The finance minister believes that “the flip side of concentration is that the marginalisation of the majority of South Africans continues in economic terms and that is not a healthy situation going into the future.”

While transformation does seem to be the buzz-word of the moment, hearing people like Gordhan talk about it means that it is something we all need to come to terms with. Like he says, “Inclusive growth” is the way we need to move our country’s economy forward. Bettering our economy further for the already exploitative Rupert’s and Gupta’s is not progress.