By Lesedi Sibiya – Diplomatic Inside

Yesterday President Cyril Ramaphosa stood in front of the National Assembly for a Q&A session in Cape Town. One of the most notable moments in the Q&A was that Government of National Unity (GNU) partner and FF Plus leader Corne Mulder, who pointed out that Black Economic Empowerment (BEE) laws are the cause of South Africa’s economy being held back. “We need to amend or develop a new economic policy that can make real growth possible. If we do not have economic growth, none of the programmes will be implemented nor will they be successful. The new policy needs to take a different approach regarding Black Economic Empowerment, employment and expropriation without compensation” said Mulder at the National Assembly . A statement that President Ramaphosa did not take kindly to.

President Ramaphosa was disturbed by the statement made by Mulder, expressing that there are a number of other factors that are the cause of South Africa’s lack of economic growth. “I am rather surprised and taken aback when I hear that the policies of BEE militate against the growth of our economy. That I find quite surprising. I work from a starting point that our economy was held back over many years by the racist policies of the past.” said Ramaphosa in response. Ramaphosa further added “I am really baffled by people who still hanker for policies of the past and to have you, sir, say that BEE is holding back our economy back goes completely against what the world bank says.”

President Ramaphosa expressed that what is in fact holding back South Africa’s economic growth is that the economy is owned by “few hands” and needs to be spread and that the privileged white people in South Africa own the majority of the country’s economy. The President has emphasised that the Medium-Term Development plan (MTDP) 2024-2027 is crucial in the development of South Africa’s economy. This plan aims to achieve job creation and inclusive growth.

Ramaphosa firmly expressed that without black participation in economy by ways of own means of production then there will never be any real growth in our economy especially because Apartheid enable white business owners to get a head start in terms of economic participation and owning mass means of production in South Africa.