Eric Kholwane gets tough on economic transformation

Eric Kholwane gets tough on economic transformation
IN OUR LIFETIME: Mpumalanga finance MEC Eric Kholwane says radical economic transformation will be achieved. PICTURE BY Reuters/Philimon Bulawayo.

The MEC was delivering this year’s budget speech when he said that the “skewed” economic status quo cannot remain.

Mpumalanga economic development MEC Eric Kholwane has gone quite tough on economic transformation, saying economic ownership in the hands of the few should be addressed.

Kholwane delivered the provincial budget speech at the Themba Senamela stadium in Middelburg on 14 March 2017.

He said Premier David Mabuza made an “inspirational” state of the nation address 2017 where he called for radical economic transformation.

“The Provincial Budget will thus outline a high-level summary on how we intend to deploy state resources to implement SOPA priorities,” he said.

“We expect that each department will thereafter do the point-to-point hard wiring, with clear timelines when they table their policy and budget statements that amplifies the new story of hope embedded in the state of the province address,?” Kholwane said.

SEE ALSO: Mabuza in ‘process of writing new story’

He said monopoly capital was not just a political rhetoric “but the real elephant in the room”.

Kholwane said these  “skewed patterns of ownership” were “at the heart of societal challenges”.

READ: Kholwane points to slow growth as cause of concern

“You can sample and prove this statement of fact by enquiring from any one, the question is: who owns the top ten companies in our municipalities?

“We are not talking about fronting,” he said, adding that fronting was now punishable by law.

“Implementation of the revised mining charter to date remains inadequate and hopelessly slow in terms of transformation,with mining companies spending millions of rand in courts trying to stop meaningful empowerment and participation of our people in the sector,” Kholwane said.

“Radical economic transformation as envisaged by OR Tambo must and will happen in our lifetime.

“We therefore have a collective responsibility to ensure that management and deployment of provincial resources responds to the current social and economic development fundamentals,” he said.

(edited by MLM)

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