Zuma Urges Radical Socioeconomic Transformation
World Economy

Zuma Urges Radical Socioeconomic Transformation

South African President Jacob Zuma on Sunday reaffirmed the government’s commitment to radical socio-economic transformation in 2018.
Radical socio-economic transformation will be the government’s main focus in the year 2018 and it will inform the delivery of development programs, Zuma said in a New Year message to the nation, Xinhua reported.
He urged South Africans to work together to build a truly united, non-racial, democratic and prosperous South Africa. He stressed the need to put extra efforts together to reignite the economy and promote growth and also to make it inclusive and beneficial to all.
Radical socio-economic transformation has been on the cards of the government for years. But little progress has been achieved as the economy is still dominated by the white minority due to the legacy of apartheid.
The ruling African National Congress decided in 2012 that socio-economic transformation takes center stage as the next phase of liberation, characterized by more radical policies and decisive action to effect socio-economic and continued democratic transformation.
As defined by Zuma, radical socio-economic transformation refers to fundamental change in the structure, systems, institutions and patterns of ownership, management and control of the economy in favor of all South Africans, especially the poor, the majority of whom are African and female.
The ANC-led government has identified mining, manufacturing, agriculture, energy, tourism and ICT (information, communication and technology) as priority sectors for the participation of black people who were excluded in the past.
The government has introduced programs such as promoting and supporting black industrialists and black small businesses so as to change the patterns of ownership of the economy. In pursuit of this mission, significant strides were made in 2017, in fighting poverty, inequality and unemployment, Zuma said.

Short URL : https://goo.gl/7oTvKd
  1. https://goo.gl/Qf29S5
  • https://goo.gl/WRJxh4
  • https://goo.gl/Bdh5D2
  • https://goo.gl/95ntUv
  • https://goo.gl/XSkwTp

You can also read ...

China Challenges US Solar Panel Duties
China says it is challenging a US tariff hike on solar panels...
In a retaliatory move, President Recep Tayyip Erdogan’s government on Wednesday announced higher tariffs on some US imports, namely on passenger cars (120%) and leaf tobacco (60%).
Turkey has raised tariffs on some US imports, including...
World trade volume growth peaked in January at almost 5.7% year-on-year but nearly halved to less than 3% by May.
Cyclical indicators point to slower and more uneven growth in...
File picture of Kim Jong-un (L) and Moon Jae-in at the truce village  of Panmunjom, South Korea.
South Korea President Moon Jae-in on Wednesday offered a bold...
Surging Inflation Mars Philippines Growth
The Philippine economy in 2018 is a story that can be summed...
Moody’s Predicts Slower Fiscal Progress in S. Africa
South Africa’s fiscal consolidation will be slower than the...
Nigeria CPI Drops to 11.14 Percent
Nigeria’s National Bureau of Statistics says the consumer...
Transport tickets and fuel have driven up costs for consumers.
Inflation in the UK climbed in the month of the July, as had...

Add new comment

Read our comment policy before posting your viewpoints