The jobs emergency | Ramaphosa lauds strides made in economic transformation

President Cyril Ramaphosa delivers keynote address during Freedom Day celebration at Union Buildings in Tshwane Municipality, emphasizing significance of reflecting on South Africa’s history and development.

JOHANNESBURG – Thirty percent of reporting firms in the country are now black-owned.

President Cyril Ramaphosa says this shows the strides made in transforming the economy.

He was speaking at the Black Business Council Summit.

But, the President says unemployment remains a major challenge.

“While unemployment remains a challenge, the proportion of black South Africans in executive management positions has increased almost five-fold between 1996 and 2016,” Ramaphosa said.

“The Black Economic Empowerment Commission reports that black ownership of firms in South Africa has grown from negligible levels in 1994 to approximately 30 percent of reporting firms today, with black women’s ownership averaging around 14 percent.”