16/05/2017 11:54 SAST | Updated 16/05/2017 12:18 SAST

Gigaba: Transformation Of The Economy Is 'Urgent And Unavoidable'

The finance minister has secured the support of the Black Business Council.

Rogan Ward / Reuters
South Africa's Finance Minister Malusi Gigaba speaks at the World Economic Forum on Africa 2017 meeting in Durban, South Africa, May 4, 2017. REUTERS/Rogan Ward

The transformation of the economy is an "urgent and unavoidable matter" that needs to be dealt with, according to finance minister Malusi Gigaba.

According to TimesLive, Gigaba addressed a Black Business Council gala dinner in Johannesburg on Monday night.

He reportedly said, "Our inability to transform the economy has left the poor vulnerable to economic shocks... We have much to do‚ so let's avoid distractions and let's find common ground."

Gigaba reportedly said that South Africans needed to "internalise the mindset that growing black business is good for South Africa".

He reportedly thanked outgoing national treasury director-general Lungisa Fuzile for the "professional manner" in which he had handled the transition in handing over to his replacement, Dondo Mogajane.

"Director-General Fuzile is a model public servant who has devoted 19 years to the service of our country. He leaves behind a legacy of a strong National Treasury that has a formidable team as well as a strong institutional framework that will carry forward the mandate of the department.

As he departs today‚ we wish him all success in his future endeavours‚" said Gigaba.

Earlier, the Black Business Council pledged its support to Gigaba.

George Sebulela, the council's secretary, praised Gigaba for his address to the World Economic Forum in Durban.

"You spoke so well about radical economic transformation. I'm sure everyone now knows what is meant by it. You've got your support," he said.

Danisa Baloyi, president of the council reportedly said the BBC was "banking" on Gigaba for more support for black business.

"The economy has endured a few hiccups‚ we've seen a rise in unemployment‚ and black business has been hit hard. We believe this can be cured by radical economic transformation‚" he said.