President Cyril Ramaphosa has paid tribute to the indelible impact of black business on South Africa’s economic transformation over the past 30 years of democracy.
He was speaking at the annual Black Business Council (BBC) Summit Gala Dinner in Johannesburg on Tuesday evening.
In his keynote address, Ramaphosa honored the late Dr. Sam Motsuenyane as a visionary who pioneered black entrepreneurship.
“I would like to begin by paying tribute to a business legend, Dr. Sam Motsuenyane, who passed away yesterday,” he stated.
“He was a pioneer and a visionary. His founding and stewardship of the National African Federated Chamber of Commerce marked a pivotal point in the trajectory of economic transformation in this country.”
The President reflected on just how drastically the economic landscape has shifted since 1994’s democratic transition. “During apartheid the prospects for black business, for black entrepreneurs, and for black South Africans in general were bleak,” Ramaphosa said.
However, transformative policies enabled fundamental change. “The transformative economic policies of democracy have birthed stars and leading lights, constellations of interconnected and interdependent black-owned businesses, and indeed, supernovas as well,” he remarked.
Ramaphosa cited figures showing the profound impact.
“The Black Economic Empowerment Commission reports that black ownership of firms in South Africa has grown from negligible levels in 1994 to approximately 30 per cent of reporting firms today, with black women’s ownership averaging around 14 per cent.”
The Black Industrialists Programme has been highly successful. “Today, in 2024, we have over 1,700 black-owned and black-managed firms across all sectors of the economy that are benefitting from the programme,” Ramaphosa noted. “These firms have a combined R330 billion annual turnover, measured in their operations and that of their core suppliers. They support over 282,000 direct and indirect jobs.”
While more work remains, the President celebrated the journey so far. “This is all progress. This is transformation. This is change. We will not be swayed to shy away from it or to diminish it.”
Looking ahead, he identified opportunities like “green industrialisation” in areas like electric vehicles and green hydrogen production. “I want to call on black business and on black industrialists in particular to be part of the effort to rebuild our economy,” Ramaphosa urged.
He also highlighted the AfCFTA, stating “We will be setting ourselves an ambitious target for expanding trade with our fellow African countries over the next five years leveraging the AfCFTA.”
In closing, Ramaphosa honored black business as vital partners.
“We salute you for your solidarity, your positive, cooperative spirit with us as government, and above all for your patriotism. This year’s celebration of democracy is a celebration of you all, and of your achievements.”
