President Cyril Ramaphosa has dismissed criticism that the governments Black Economic Empowerment BEE policy is hampering economic growth, calling such claims unfounded.
His remarks follow renewed criticism from the Democratic Alliance - a partner in the Government of National Unity - and, more recently, the Trump administration.
The BEE policy is designed to redress historical inequalities by promoting black participation in South Africa's economy.
Speaking at the Black Business Council Summit Gala and Awards Dinner in Kempton Park, Johannesburg, on Friday, the President dismissed suggestions that the policy is irrelevant as unfounded.
We need to challenge the notion that black economic empowerment is a cost to the economy. There are those who say it is costing the economy too much. But when you ask how, they cannot explain. We must demonstrate that it is, in fact, an investment in the economy. Now is not the time to abandon the measures we have put in place to drive transformation.