National African Federated Chamber of Commerce and Industry (NAFCOC) 60th anniversary celebrations kicked off in Durban on Wednesday with a call for economic transformation to support black-owned businesses.
Image: Doctor Ngcobo/Independent Newspapers
The National African Federated Chamber of Commerce and Industry (Nafcoc) commenced its 60th anniversary celebrations in Durban on Wednesday with a resounding call for economic transformation aimed at uplifting black-owned businesses in South Africa.
Nafcoc President Gilbert Mosena emphasised the staggering unemployment rate among youth aged 15-24, which currently stands at a catastrophic 60.8%, compared to a mere 7.9% for their white counterparts.
Mosena painted a stark picture of the economic divide, noting that the median monthly income for white South Africans was R21 000 in 2022, three times the R4 684 earned by black South Africans.
Moreover, a 2017 report revealed the median wealth of black households at R70 000, in stark contrast to R1.364 million for white households.
Mosena added that this inequality was not just a challenge but a call to action.
“It demands that we work together, with the will from both sides to commit to renewal as a matter of urgency, to address the historical injustices that continue to limit the opportunities available to black South Africans,” he said.
“A National Black Business Directory will increase visibility and promote the brands of black entrepreneurs. This must become a nationwide effort, ensuring that the spending power of the black middle class, estimated at R400 billion annually, is reinvested in our own communities, supporting black businesses and creating jobs.”
eThekwini Mayor Cyril Xaba said that the history of Nafcoc cannot be separated from the broader liberation struggle of this country.
“It is also interesting to note that this organisation grew in leaps and bounds at a time when the liberation movements were banned in this country. So, we want to thank you for keeping the liberation fires burning while most of our prominent political leaders were jailed and exiled,” he said.
Xaba added that they want to convey their appreciation to Nafcoc and its founding leaders for their foresight in realising that political power is meaningless without economic freedom.
Dr Pali Lehohla, a board member of the Institute of Economic Justice who presented the vision of Nafcoc 2028, said that the organisation wants to be the voice of business in South Africa and represent about 5 million SMMEs membership of both affiliated and associated members programme of action comprised of eight programmes.
“This includes that we want to organise Nafcoc through industry-specific sectors of the economy—from branch (municipalities), district (Metros), province to national levels. Establish partnerships (PPP) with government institutions and parastatal bodies and other key stakeholders such as Contralesa, Unions, Salga, churches, civil society, universities, cooperatives, students and the unemployed people organisations.”
Lehohla added that Nafcoc wanted to strengthen business relations with international partners (foreign business chambers), in particular international trade institutions and economic attaché offices.
Lehohla added that they must revive the township and rural economy and the modernisation of businesses and compliance.
Professor Vika Gabela, a retired Professor from the University of Zululand, said that successful implementation of economic policy hinges on the political will, commitment and stability on the part of government institutions, both political and administrative.
“Implementation of that policy requires several elements. Firstly, there has got to be clearly articulated policy objectives, such as job creation, economic growth and poverty reduction. Secondly, measurable and quantifiable targets have to be established in each case, in order to check on progress and needed adjustments,” Gabela said.
BUSINESS REPORT