20/04/2017 07:11 BST | Updated 20/04/2017 09:35 BST

7 Quotes From Ramaphosa's Speech On Radical Economic Transformation.

The deputy president said it was time to be honest about the challenges facing the country.

Edgar Su / Reuters
South African Deputy President Cyril Ramaphosa speaks during a lecture at the Lee Kuan Yew School of Public Policy in Singapore October 7, 2016. REUTERS/Edgar Su

On Wednesday, Deputy President Cyril Ramaphosa gave a speech to the Black Business Council titled, "Radical economic transformation should be about building a more equal society". Ramaphosa said we needed to create more black industrialists, use the country's resources more effectively and drive skills development. An extract of his speech was published by Daily Maverick.

Here are seven quotes from his speech:

  1. "We must be honest enough to admit the depth of the political, economic and social challenges our country faces. And we must be courageous enough to recognise the domestic and global conditions that give rise to these challenges."
  2. "For more than two decades, South Africans from all walks of life have been working to build a united, equal and caring society from the ruins of racial oppression. But our long walk to freedom is far from over."
  3. "They desire training opportunities and want to work. They want access to land and the means productively to farm it. They want to own factories and start enterprises to employ others. To fail them would be a betrayal of their confidence and a dereliction of our responsibility towards the Constitution."
  4. "We need to improve investor confidence by continuing to contain our national debt, preventing further investment downgrades, improving the governance and financial position of state-owned enterprises, and maintaining international norms and standards in the regulation of the financial sector."
  5. "What is urgently needed is systematic action by government, in partnership with other social partners, to increase the scale and pace of our interventions."
  6. "We need more focus and collaboration. We need to mobilise more resources, use the resources we do have more effectively, and eliminate all forms of wastage and rent-seeking."
  7. "This is a time to prioritise the cries of the marginalised and the poor through policies and actions that promote sustainable and inclusive economic growth, effective redistributive measures and ethical management of public resources."