The president of the Black Business Council Dr Danisa Baloyi. Picture: Nicholas Rama

CAPE TOWN - The Black Business Council (BBC) calls for Cyril Ramaphosa, the newly elected President of the African National Congress (ANC), to dedicate his term on the implementation of policies to socio-economic transformation. 

"The BBC is following closely on the policy discussions and is looking forward to engaging with both the new ANC leadership and the government on policy resolutions that will be taken by the conference. The BBC would advise the new leadership to put a concerted effort in the thorough implementation of policies including monitoring and evaluation. We further congratulate the ruling party for a peaceful democratic process,”  said The BBC CEO, Kganki Matabane. 

We expect the new President to ensure that the economy is sufficiently transformed in all sectors of the economy with concrete plans that will move the country to jobs-creating economic growth of 5% and more,” Matabane further added.

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The BBC Secretary-General, George Sebulela says, “The BBC calls on business, labour and community to work together with the newly elected leadership of the ANC following the conclusion of their elective conference". 

"We also wish the new President all the best as he has to shift gears to engage the tough headwinds that he’s faced with on improving business confidence and navigating fiscal constraints following SA’s recent sovereign downgrade", said Sebulela 

"We are positive that the new leadership will contribute hugely to creating an environment that is conducive for Radical Socio-Economic Transformation and job creation in the country to tackle the tribal challenges of poverty, inequality and  unemployment.”, said Sebulela

Fiscal prudence and policy certainty, the integrity of our institutions and a clear vision for the long-term sustainability of our country are critical to maintaining our investment-grade status. 

Mr. Sebulela added “We need to address the structure of the economy if we want to tackle these high unemployment rates. The approach to structural reform needs to be holistic and comprehensively gearing the ecosystem towards accelerated transformation. We further need to take a hard look at our SOC’s leadership to promote transparency, strong corporate governance and rigorous accountability through which corruption can be rooted out."

"On these pillars the SOCs can be the greatest catalyst to driving Radical Socio-Economic Transformation and develop a vibrant SME industry across all sectors, focusing on developing new black industrialists”

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“The Black Business Council will continue to engage the Presidency and National Treasury to tackle prohibiting policies such as the PPPFA which is still not benefiting the intended beneficiaries including black and black women businesses including the youth. To this end, we anticipate continued prudence and the strengthening of oversight to stop leakage at stressed SOCs so they can play their catalytic role in the economy and not be a strain on the fiscus. We would also like to see the tightening of regulations to deal decisively with private sector fraud and corruption,”Sebulela concluded.

 - BUSINESS REPORT ONLINE