BLSA chief executive Bonang Mohale said the country lagged way behind its BRICS counterparts on investments in small and medium enterprises (SMEs).
Mohale said local SMEs only created 15percent of new jobs, while those in Brazil, Russia, India and China accounted for 80percent of new jobs.
“If this is not arrested it might lead to social instability. We’ve got to invest in SMEs and black executives so that the economy is broadly reflective of the demographics,” said Mohale.
“As BLSA, we are moving forward, we will be working with all social partners. If we mess this one up, we will just be another failed African country.”