The ANC must use the levers of state power to grow the economy, President Jacob Zuma said on Sunday. To increase the ownership of the economy by the black majority, the government had to embark on a labour absorbing growth path, with every rand spent aiding job growth. “(The ANC) has a duty to use government incentives, procurement, infrastructure investment and other measures to create new industries and expand existing industries,” he said delivering the party’s anniversary statement on Sunday. The R870bn set aside for infrastructure development would create entrepreneurs and new regulations to be introduced in 2017 will make it compulsory for large construction companies to ensure that 30% of the contractors used are small and medium enterprises. Zuma said this should empower black owned companies. The party was optimistic that an economic growth forecast of 2.9% would be achieved and highlighted the manufacturing sector as another catalyst for growth. “This is illustrated by the...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.