President Cyril Ramaphosa has called on South Africa’s private sector to renew its commitment to economic transformation, urging businesses to take meaningful steps toward building a more inclusive economy where all citizens can share in the country’s wealth.
In his weekly letter to the nation on Monday, Ramaphosa reflected on the lessons learned over the past 30 years, saying South Africa must now act with greater purpose and ambition to implement broad-based black economic empowerment (BBBEE) more effectively.
He expressed concern that, despite progress since 1994, the legacy of apartheid-era exclusion continues to benefit a select few. "The notion that we must choose between economic growth and transformation is a false dichotomy," the president wrote.
Ramaphosa highlighted the persistence of inequality, noting that the income gap between white and black households remains stark. While legislation such as the BBBEE and Employment Equity Acts have laid a foundation for change, he stressed that more must be done to ensure true economic inclusion.
The president also urged private banks to review their lending practices and leverage their supply chains more intentionally to support black-owned businesses—not simply to enhance their BBBEE scorecards, but to genuinely diversify and grow their supplier networks.
Ramaphosa’s remarks come amid mounting calls for structural reform and greater equity in South Africa’s economic landscape.