Transformation will not be complete unless more black South Africans participate in the economy, Deputy Minister of Trade and Industry Elizabeth Thabethe said on Thursday.
Thabethe was speaking at the second Annual Stokvels (savings club) Convention held at the Pyramid Conference Centre in Johannesburg.
”The transformation of South Africa’s economy will not be complete without the participation of greater numbers of black people in the economy,” she said.
Thabethe urged those attending the convention not only to use the funds received from stokvels to supplement their household income, but also to create wealth for the community.
”In fact, I’m a member of two stokvel groups. I realise that there are stokvels that have a large membership and [are] therefore one of the vehicles that can be mobilised for community development. Assets held in stokvels should not only be used to supplement household income,” she said.
Despite the annual growth of the economy, inequalities such as gender inequalities, skills shortage and lack of employment had led to the underperformance of the economy.
”Further growth can only be accelerated and sustained if all South Africans are integrated into the economy,” she said.
The black economic empowerment strategy was introduced to address the exclusion of the majority of South Africans from participating in the economy.
Although some people experienced difficulty in participating actively in the economy, the department was addressing the matter.
”We are addressing matters of access to information, access to finance and other obstacles,” said Thabethe. — Sapa