Fired deputy finance minister Mcebisi Jonas says big business is vital for achieving radical economic transformation — as is political support for the Treasury. There is no doubt SA’s economy is in need of radical transformation, he says, but the current understanding of what that entails is too abstract. He gave details of his understanding of the concept in his address at the Mapungubwe Institute for Strategic Reflection (Mistra) annual lecture. "There is scope for using our core economic institutions more broadly to drive economic change towards a more cohesive strategy of inclusive growth," he said. There was consensus that SA’s economy was in need of a serious overhaul, he said. Inclusive institutions were needed but elite interests prevented that. "Our key economic institutions like National Treasury and the South African Reserve Bank have remained sound institutions," he said. Noting that there were several interpretations of radical economic transformation, he said that whil...

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