DEPUTY President Paul Mashatile has pledged that the newly launched R100 billion Transformation Fund will not fall prey to corruption.
He also vowed that strict oversight and accountability mechanisms will be enforced to protect the fund's integrity.
Mashatile made the commitment during a breakfast business engagement in Tshwane on Monday 5 May.
He was, among other, addressing concerns that the fund aimed at supporting black-owned businesses and driving inclusive economic growth, could become a target for looting, as some opposition parties have warned.
"We will not achieve an inclusive economy as long as corruption persists, both in the public and private sectors.
"Corruption hinders the growth of small and medium-sized enterprises by increasing costs, reducing profits, and creating uncertainty," said Mashatile.
The deputy president said government will implement robust anti-corruption frameworks, strengthen law enforcement institutions, and promote transparency and citizen oversight to protect the Transformation Fund.
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He emphasised that accountability must be a cornerstone of Mzansi's economic transformation agenda.
The R100 billion fund, to be financed through voluntary contributions from both public and private sectors over five years, is expected to empower black entrepreneurs, especially in rural and township economies, with access to capital, technical support, and market opportunities.
Mashatile stressed that the Presidency will closely oversee the fund, working in coordination with the minister of trade, industry and competition and the broader economic cluster to ensure it meets its targets.
"We are going to place this fund at the centre of government. We will monitor spending, enforce compliance, and deal decisively with any sign of fronting or mismanagement," he said.
He also called for a national effort to safeguard the fund and ensure it delivers lasting impact.
"We must all work together to ensure this fund achieves what it was created for, real transformation, not enrichment of the few," added Mashatile.
