'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

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.

Read More
Blind Spots: How they come about and how they affect your business

Blind Spots: How they come about and how they affect your business

As a small business owner, nobody expects you to be perfect. Because you cannot see them, blind spots could be a real nuisance.

Where to invest your overseas capital

Where to invest your overseas capital

With the political climate as volatile and rife, the US might not be the best country to keep your overseas capital.

Bitcoins: Only up from here, or just another wave?

Bitcoins: Only up from here, or just another wave?

Find out how the cryptic currency managed to gain so much momentum so relatively fast and kick yourself for missing out.

I heard the phrase ‘radical economic transformation’ only once - Stephen Grootes

I heard the phrase ‘radical economic transformation’ only once - Stephen Grootes

Ray White (in for Bruce Whitfield on The Money Show) interviews EWN’s Stephen Grootes.

'Gigaba will have limited effect; the elephant in the room is the President'

'Gigaba will have limited effect; the elephant in the room is the President'

The Money Show’s Bruce Whitfield interviews Standard Bank Chief Economist Goolam Ballim.

‘Treasury [the new team] doesn’t acknowledge that we have a problem’

‘Treasury [the new team] doesn’t acknowledge that we have a problem’

Arabile Gumede interviews KPMG Senior Economist Christie Viljoen.

Popular articles
An expert guide on 'hotwifing' and 'cuckolding' in the bedroom

An expert guide on 'hotwifing' and 'cuckolding' in the bedroom

Clinical sexologist Dr Eve shares insights into sexual fetishes and how partners negotiate them in their bedroom and relationship.

[Watch] John Maytham shuts down victim shamer on air

[Watch] John Maytham shuts down victim shamer on air

A caller wanted to know what the alleged victim had done in order for Grace Mugabe to assault her.

WC Health Dept responds to Diphtheria outbreak

WC Health Dept responds to Diphtheria outbreak

Dr John Sonnenberg voiced his concern that communication in the Helderberg area following the outbreak could have happened sooner.

Cape officials to harvest 500 million litres of new water a day

Cape officials to harvest 500 million litres of new water a day

Mayor of Cape Town speaks to CapeTalk's Kieno Kammies about plans to provide more water amidst the ongoing drought.

Khoza sacking shows Zuma camp on warpath – analyst

Khoza sacking shows Zuma camp on warpath – analyst

Karima Brown says developments in Parliament over the past 24 hours shows the ANC caucus is imploding.

"I bumped into Anoj Singh and Eskom's Prish Govender at the Hyde Park Hotel"

"I bumped into Anoj Singh and Eskom's Prish Govender at the Hyde Park Hotel"

Sikhonathi Mantshantsha says surely as Anoj Singh is on suspension, he should not be talking to Eskom employees.

Journos walk out of Bathabile Dlamini's briefing after 2 hour wait

Journos walk out of Bathabile Dlamini's briefing after 2 hour wait

EWN's Gia Nicolaides says journalists walked out of the media briefing on social grants after waiting for hours for her to arrive.

Grace Mugabe used normal passport and can't enjoy diplomatic immunity

Grace Mugabe used normal passport and can't enjoy diplomatic immunity

Shadow Minister of International Relations says Mugabe's case should not be debated any further as she can't enjoy any privileges.