Whatever the name you give it, we all seem to agree that something urgent, big and more inclusive needs to be done to address these issues ...

Something must give. We must not be frightened off by demands for radical change.

'FINANCE Minister Malusi Gigaba will get a chance to show his mettle when he delivers his medium-term budget in October," says Reserve Bank governor Lesetja Kganyago.

"A life of a finance minister is measured by how many budgets you have tabled. The Medium-Term Budget Policy Statement is coming in October. The minister will then be able to demonstrate in that statement that he is not only able to run Treasury, but also to get the entire government behind responsible and responsive fiscal policy."

Much of the spotlight at the WEF summit - held at Durban's Inkosi Albert Luthuli International Convention Centre - was on the new minister, who was appointed under controversial circumstances in President Jacob Zuma's midnight Cabinet reshuffle.

Gigaba focused on poverty, inequality and unemployment while keeping the country's credit rating on the back burner. In contrast, Gigaba's predecessor, Pravin Gordhan, the darling of white monopoly capital, paid very close attention to trying to avoid South Africa's credit rating from being downgraded. Such were his misguided and misplaced priorities.

At the WEF Gigaba identified poverty, inequality and unemployment as the country's "most urgent challenges".

"Whatever the name you give it, we all seem to agree that something urgent, big and more inclusive needs to be done to address these issues," he said.

"Something must give. We must not be frightened off by demands for radical change and transformation. It is not sustainable for South Africa's economy to grow without a role for the black majority."    

Gigaba's thoughts echoed those of Zuma, who told the WEF: "Growth must not be enjoyed by the few. We have not addressed adequately how we are going to address the gap between the rich (read white) and the poor (read black majority)."



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