South Africa’s Minister of Finance, Malusi Gigaba, has urged African countries to create new wealth owns while speaking to media and investors during tour of Durban city investments and inclusive growth ahead of the World Economic Forum on Africa which kicks off from 3rd May to 5th May.
The minister said that it is time that government focused on townships (urban slums) and rural areas for economic development.
“We need municipalities working with provincial & national governments to create productive economic activities in townships and rural areas,” the Minister said.
He further added that governments, especially the South African government, should strategies and develop social and economic infrastructure in townships and rural areas to offer the people living there an opportunity to contribute to the country’s economic development.
Mr.Gigaba noted that the black community in South Africa is especially marginalized and in need of economic development and not just in terms of employment but being empowered to pursue entrepreneurship.
“What portion of this (economic development) is in the hands of the black people?” asked the Minister, adding “If the community doesn’t own anything, but only foreigners invest then there can’t be inclusive growth.”
People should not feel alienated from jobs that are meant to develop them. The government must create access and proximity to government services in order to encourage people in the area to create wealth.
“We must not only think of employment … we must do projects in order for those (marginalized) people to engage in entrepreneurial activities,” said Gigaba, adding “inclusive growth must not be an elite only story but for every person to participate.”
The Minister clarified that, inclusive growth doesn’t mean taking from the rich but integrating the poor in development plans.
Finance Minister Gigaba called on African nations to work together, and present themselves as a bloc to investors and urged the continent to redefine and reposition itself.
“One of the things I despise is to see African countries present themselves individually.. we should present ourselves as one to investors,” said the Minister.
The World Economic Forum Africa is an international forum dedicated to improving living standards the world over, by promoting public-private cooperation in the spirit of global citizenship, this year it will be focusing on inclusive growth.
