Live
Audio Only
South Africa's new finance minister, Malusi Gigaba, said in his first major news conference that "we need to radically transform the South African economy."
"The ownership of wealth and assets remains concentrated in the hands of a small part of the population. This must change," Gigaba said on Friday.
Gigaba, who until Friday had served as the country’s interior minister, made the statement in the midst of a political crisis after South African President Jacob Zuma suddenly fired the previous finance minister, Pravin Gordhan, late Thursday.
Gigba also acknowledged the challenges the ANC government faces as it faces an internal political crisis and deepening racialized inequality.
"I am fully aware that we are at a highly politicized, polarized and contentious moment in the history of our young democracy. I will not be distracted by external issues," he said.
Gigaba also said during a televised news conference that he was committed to protecting South Africa's cherished investment-grade credit ratings, which analysts have said are threatened after the removal of his predecessor Pravin Gordhan.
However, he claimed that he would simultaneously re-orient economic policy to tackle inequality which has deepened in recent years.
"For too long, there has been a narrative or perception around Treasury, that it belongs primarily and exclusively to ‘orthodox’ economists, big business, powerful interests and international investors. With respect, this is a people’s government," he said.
Newsletter
