Radical economic transformation.

This is the buzzword right now.

If you don’t know what it means, give it a test try in ordinary conversation. I bet that you’d receive a dramatic reaction.

RELATED ARTICLE: WATCH – Not sure what radical economic transformation is? Zuma explains…

Deputy President, Cyril Ramaphosa has defended the government’s calls for radical economic transformation and says it must happen with urgency.

Ramaphosa, a former businessman, was speaking at the Black Business Council’s (BBC) Economy Recovery Dinner in Joburg on Wednesday night.

He said those that don’t like the phase “radical economic transformation” should wake up and smell the coffee as it would happen soon.

He told the few hundred business delegates in attendance that radical economic transformation would entail of black industrialists.

It would also include setting aside business opportunities with the government for black business, said Ramaphosa to loud cheers from BBC delegates.

Ramaphosa admitted the country was facing a tough time economically due to global trends.

This is after the country was downgraded by two rating agencies (Fitch and S&P) and said political and policy instability as the reason.

Ramaphosa called on South Africans not to bury their heads in the sand and admit that there were issues.

Related article: LOL: Radio stations instructed to play birthday song for Zuma

Ramaphosa said when Finance Minister Malusi Gigaba travels to the US to speak to investors, he will deliver a message that the country has not shutdown and that the wheels were still on.

Sorced: IOL

Categories: Money