Ramaphosa Reaffirms Inclusive Growth as Concerns Over Slow Transformation Intensify

President Cyril Ramaphosa has reiterated that South Africa’s economic growth must remain firmly grounded in inclusivity and redistribution, especially as concerns mount over the slow pace of transformation three decades into democracy. Speaking during the African National Congress (ANC) National General Council (NGC) opening address on Monday, Ramaphosa emphasized that the governing party will not bow to pressure to dismantle or dilute Black Economic Empowerment (BEE) policies. His remarks come amid renewed national debate over economic ownership patterns and the persistent racial disparities that continue to define South Africa’s economy.

During his address, Ramaphosa cautioned that attempts to weaken transformation policies pose a direct threat to the country’s progress in redressing centuries of economic exclusion. He argued that transformation remains a central pillar of South Africa’s democratic project and insisted that the ANC would remain resolute in defending policies designed to promote equality and broaden economic participation.

The president’s remarks follow pointed criticism from the Black Business Council (BBC), particularly from its CEO, Kganki Matabane, who argues that despite 31 years of democracy, the economic participation of Black South Africans remains severely constrained. According to Matabane, current economic data paints a troubling picture of sluggish transformation, with Black people—who make up 93% of the population—still holding a disproportionately small share of economic power.

Ramaphosa’s Call for Inclusive Growth Meets Stark Economic Realities

“When we look at the numbers, the numbers don’t indicate that we’ve reached where we wanted to go,” Matabane said, noting that although South Africa has made strides in political inclusion, economic inclusion remains deeply insufficient.

One of the BBC’s most striking statistics is that Black South Africans, collectively, own less than 5% of the economy. Meanwhile, nearly 70% of companies listed on the Johannesburg Stock Exchange (JSE) remain predominantly controlled by white males. For Matabane, the numbers illustrate an economic structure still largely reflective of apartheid-era ownership patterns—an issue he believes government and the private sector have been too slow to address.

Matabane further highlighted that the inequities are not limited to corporate boardrooms or ownership structures. They are just as visible in entry-level hiring practices. Despite the growing number of Black graduates entering the job market each year, he argues that white candidates continue to dominate initial hiring pools. “When you look at entry-level jobs, the majority of people who are being hired are white people, so Black people are still being left behind,” he said.

This imbalance is also evident in unemployment data. South Africa’s unemployment crisis disproportionately affects Black people, who make up roughly 90% of the unemployed population. For Matabane, these statistics are unmistakable evidence that the country’s economic system continues to exclude the very people it was meant to empower in the post-apartheid era.

While critics of BEE often argue that the policy framework itself is the problem, Matabane takes a different view. He believes that the issue lies not in the design of transformation policies, but in their slow and inconsistent implementation. “It is not necessarily the vehicle that is not working,” he explained, “but rather the slow implementation of the policy.”

He attributes much of the stagnation to the private sector, which he accuses of complying only superficially with transformation requirements. According to Matabane, companies often “tick boxes” to meet legislative obligations on paper, while failing to embrace the deeper intent of the policies—to diversify ownership, empower Black professionals, and create equitable access to economic opportunities.

Against this backdrop, Ramaphosa’s comments at the NGC serve as both reassurance to advocates of transformation and a warning to those pushing back against redistributive policies. The president stressed that transformation is not optional but an essential component of economic justice. For him, inclusive growth and meaningful redistribution are not merely political commitments—they are constitutional imperatives.

The ANC, Ramaphosa said, remains committed to accelerating transformation to ensure that economic ownership mirrors the country’s demographic reality. The persistence of racialized inequality, he argued, cannot be treated as a natural market phenomenon but must be confronted with firm policy and decisive action.

As South Africa steers through ongoing economic challenges—including unemployment, inequality, and sluggish growth—the debate over transformation has returned to the centre of national discourse. With economists, business leaders, and political stakeholders weighing in, the call for urgency is growing louder.

For now, Ramaphosa has made it clear: transformation is non-negotiable, and efforts to undermine it will not be tolerated. Whether these commitments translate into meaningful change will depend on the collective will of government, the private sector, and society at large to confront the structural imbalances that still define South Africa’s economy.