'Transformation without growth reproduces patronage systems'

Finance Minister Malusi Gigaba appeared at Parliament’s standing committee on finance for the first time on Tuesday where MPs grilled him on radical economic transformation.

Whatever the name you call it – accelerated growth, radical economic transformation or inclusive growth - we want to address the plight of these [left-behind] people.

Malusi Gigaba, Finance Minister

ANC MP and Chairperson of the Standing Committee on Finance Yunus Carrim asked Gigaba to explain how inclusive growth and radical economic transformation are related.

Carrim also urged Gigaba to urgently address transformation in the financial sector, the issue of rotation of auditors and the vacancies at South African Airways.

The Money Show’s Bruce Whitfield interviewed Carrim.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

He said all the sorts of things that his predecessor said, for the most part.

Yunus Carrim

He said that his priority is to avoid a further downgrade, and to reverse the one we had.

Yunus Carrim

He spoke about the unsustainable inequality that we have to address.

Yunus Carrim

He seemed to be saying that inclusive growth and radical economic transformation reinforces each other.

Yunus Carrim

If you have transformation without growth you’ll just reproduce patronage systems. If you have the reverse you’ll merely reproduce inequality.

Yunus Carrim

The Minister said he informed his advisor about protocol with regards to public statements.

Yunus Carrim

We do need them [foreign investors].

Yunus Carrim

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Article brought to us by Old Mutual.


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