03/07/2017 10:36 BST | Updated 03/07/2017 10:36 BST

Patel: Government Must Respond To State Capture Swiftly And Honestly

The economic development minister highlighted four ways to turn the economy around.

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Economic Development Minister Ebrahim Patel.

Economic Development Minister Ebrahim Patel said swiftly acting against corruption and dealing with state capture honestly is one of the ways South Africa can pull itself out of its current economic slump.

Patel, who was speaking at a Progressive Business Forum breakfast at the ANC's national policy conference on Monday, said there are four elements to government's roadmap which will take the country "from where we are to where we want to be".

"We have a technical recession which potentially can deepen. We have had credit downgrades that are significant because they affect investor confidence and the cost of paying back the national debt. We have young people who are legitimately asking where their opportunities are," Patel said.

These are Patel's solutions going forward:

  1. Establishing a credible growth plan -- Patel said the plan needs to focus on sectors with high economic potential which can grow, create more jobs and attract investment He said it also involves effective implementation within government and the private sector.
  2. Transforming the economy -- Patel encouraged the ANC's plan to make the economy more inclusive and to give Black South Africans and "young people" more opportunities.
  3. Integrity in government -- Patel said government must be seen to act swiftly against corruption and to deal with state capture allegations quickly and honestly. He said state-owned enterprises need to be managed in the interests of the country and that fiscal policies are made sustainable.
  4. Deepen partnerships -- Patel emphasised that government cannot "pull a society forward" alone. He encouraged partnerships in the private sector and organised labour.