The new director general of national Treasury Dondo Mogajane said inclusive growth is imperative for faster economic growth but that foreign investors are not the key.
Speaking at the ABSIP Youth Economic Indaba on Saturday, Mogajane reiterated Finance Minister Malusi Gigaba’s calls for inclusive growth to transform the economy.
"Inclusive growth becomes imperative. It is the imperative on us that we grow faster. This cannot only be growth that is faster but it has to be inclusive faster growth."
He explained that SA’s current growth is too low to address triple challenges of unemployment, poverty and inequality.
"Economic freedom in our lifetime is possible," said Mogajane, adding that equity of opportunities is key to growing the economy.
Speaking about Treasury’s trip to London last week, Mogajane said Treasury met with around 400 investors who participate in the real economy.
"Relying on some of them to finance our debt is a tough toll if you can imagine."
He explained that the meetings engaged with Treasury about inclusive growth and the own goals SA had scored. Mogajane, however, added that it was an unsustainable model to rely on foreign investment.
This comes after the Mail and Guardian reported that investors were underwhelmed reporting that "Gigaba’s backhanded style of politicking, replete with doublespeak, did not win over investors during meetings in London this week, where many were left frustrated by his dithering."
Mogajane added that confidence remains the biggest factor hindering economic growth.
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