When the G20 convened on African soil, the language was embracive and reassuring. Leaders spoke of inclusive growth, development finance, shared prosperity and the moral obligation to confront inequality before it corrodes global stability.
The tone was solemn. The commitments were carefully drafted. The aspirations were noble. Then the delegations departed. The motorcades disappeared. The conference halls fell silent. SA returned to its daily reality – an economy that still leaves too many of its people outside looking in.
For black South Africans, this contradiction is not abstract. It is structural, inherited and unresolved. Apartheid was not merely a political injustice or a moral crime. It was a meticulously engineered economic system. It determined who could own land, who could accumulate capital, who could acquire skills, who could trade freely and who could industrialise at scale. It confined the majority to the periphery of productive activity and reserved the commanding heights for a minority.
Democracy restored dignity and political rights. But it did not, and could not, overnight, reconfigure the economic architecture apartheid built.
Three decades later, economic justice remains uneven and incomplete. However, there’s been progress − new entrants into the mainstream economy, the growth of black-owned enterprises and the expansion of social infrastructure. Yet, progress has not matched either the magnitude of historical injustice or the urgency of present need.
Too many capable South Africans remain excluded – not for lack of talent or drive, but for lack of access. Access to finance, markets, supply chains and institutional backing remains narrow. Risk is still carried by those least able to absorb it.
Here, collective responsibility must replace quiet deflection. Government, development finance institutions (DFIs), banks, and investors all face legitimate constraints. Prudence and governance matter. But so does context.
An economy shaped by exclusion cannot be transformed by neutrality alone. Inclusion must be deliberate and coordinated. DFIs exist to go where commercial finance hesitates. Their role is catalytic – to crowd in private capital, not mirror its caution.
A more inclusive economy strengthens financial stability. Innovation, through blended finance and fintech partnerships, can widen access without sacrificing prudence.
Too often overlooked is the capacity that already exists among our people. Across townships, rural areas and industrial nodes are resilient entrepreneurs who have built businesses under severe constraints. They have navigated weak infrastructure, scarce capital and volatile demand. They have endured – and grown.
These entrepreneurs – manufacturers, contractors, traders, agri-processors and service providers – have built enterprises under conditions that would test even the established corporations. They have navigated infrastructure gaps, limited working capital and volatile demand. They have improvised. They have persevered.
They are not seeking protection from competition. They are seeking fair access – transparent procurement, patient capital, reliable payment and genuine partnership. They stand ready to work with the state, DFIs, banks and private investors to build scalable firms that create jobs and strengthen supply chains.
Inclusive growth is not generosity. It is sound economics. When millions more participate productively, the economy becomes broader and more resilient. Demand rises. Industries deepen. Stability strengthens.
The post-G20 moment presents a choice: treat the summit as symbolism or use it to align rhetoric with reality and confront inequality with intent.
Nafcoc will host a financial inclusion roundtable from March 26 to 27. The purpose is practical: to turn dialogue into action and ambition into measurable results. This is a call for courage, imagination and disciplined partnership.
If the government provides policy certainty and uses procurement strategically, if DFIs embrace their catalytic mandate, if banks innovate rather than retreat, and if established firms open pathways into supply chains, SA can unlock a far broader base of growth than it currently allows.
Our people are ready. They have always been.
The remaining question is whether our institutions, public and private, are prepared to meet them halfway.
- Zulu is the secretary-general of Nafcoc.
Sowetan
