Categories: News

Minister Mmamoloko Kubayi: Addressing Economic Issues and Promoting Equality in South Africa

On July 19, 2023, Minister of Human Settlements Mmamoloko Kubayi delivered a powerful speech at the Nedbank Top Empowerment Conference in Sandton. She spoke about the challenges facing South Africa’s economy and the need to reduce inequality in the country.

International Mandela Day

Kubayi began her speech by emphasizing the significance of International Mandela Day, which honors the life and legacy of Nelson Mandela. She acknowledged that although political freedom has been achieved in South Africa, economic freedom remains elusive for many citizens.

South Africa’s Economic Challenges

Kubayi identified three primary constraints on the South African economy: electricity supply, logistics, and inequality. She noted that small and medium businesses have been particularly impacted by unreliable power supply, but the government is working to address this issue.

Addressing Inequality

Kubayi emphasized that inequality is a product of South Africa’s exclusionary economic configuration and must be addressed to achieve inclusive growth. She cited the detrimental effects of inequality on society and urged both the public and private sectors to work together to reduce it.

Purpose-led Transformation in Businesses

Kubayi highlighted the need for enterprises to adopt a purpose-led transformation approach, which involves creating sustainable value for a broad range of stakeholders. She urged businesses to think beyond profit and consider the well-being of employees, communities, suppliers, governments, investors, and shareholders.

Key Steps to Address Economic Challenges

Kubayi outlined five key steps to address South Africa’s economic challenges and promote inclusive growth:

  1. Intensify efforts to grow the economy.
  2. Transform the financial sector to be more accessible to small businesses.
  3. Foster strong partnerships among all social partners to attract investment.
  4. Increase efforts to make the economy more inclusive and diversified.
  5. Enhance efficiency in both the public and private sectors.

A Just Transition

Kubayi concluded her speech by emphasizing the importance of a just transition towards a low-carbon and digital economy. She noted that businesses must recognize the need to create and protect value for employees and communities to avoid leaving them behind.

By adopting purpose-led transformation and implementing measures to address South Africa’s economic challenges, the country can achieve inclusive growth and reduce inequality in honor of Nelson Mandela’s vision.

Serjio Zakharoff

A Russian-Spanish journalist and Cape Town native, channels his lifelong passion for South Africa into captivating stories for his local blog. With a diverse background and 50 years of rich experiences, Serjio's unique voice resonates with readers seeking to explore Cape Town's vibrant culture. His love for the city shines through in every piece, making Serjio the go-to source for the latest in South African adventures.

Recent Posts

Spreading Holiday Cheer: Firefighters Bring Joy to Children

In December 2024, firefighters brightened the holidays for children in care facilities by delivering wrapped…

3 days ago

A Persistent Nightmare in Embalenhle: Justice Served

In Embalenhle, South Africa, a dark nightmare unfolded as Themba Prince Shongwe committed terrible crimes,…

4 days ago

Illuminating Cape Town: Lighting Up Safety and Community

Cape Town's streetlight program shines brightly as it manages over 245,000 lights, making the city…

6 days ago

A Beacon of Hope: Gugulethu’s New Housing Project

The Gugulethu Infill Housing Project is bringing joy and hope to the community of Gugulethu,…

2 weeks ago

Championing Justice: The Journey of Colonel Celeste van der Klashorst

Colonel Celeste van der Klashorst is a fearless leader in South Africa's fight against violence…

3 weeks ago

World AIDS Day: Celebrating Progress and Confronting Challenges

World AIDS Day, celebrated on December 1, shines a light on the global fight against…

3 weeks ago