The ANC has conceded that the country's economy had not done enough to cope with the high levels of poverty and unemployment.
Head of the ANC's economic transformation committee, Max Sisulu, made the admission this week when proposals for discussion at the party's upcoming national policy conference in Midrand between June 27 and 30 were revealed.
A draft resolution will be adopted at the policy conference and will later be submitted for adoption by the party's 52nd national conference in Limpopo in December.
The ANC wants to halve poverty and unemployment by 2014.
The current unofficial unemployment rate is estimated at more than 40percent. The state puts the figure at about 26percent - one in four.
The party has proposed an industrial growth strategy to create jobs.
"The vision of growth has to be shared by all, including the private sector, labour and society at large," Sisulu said.
"The expertise of the private sector in areas such as infrastructural development must be tapped into," he said.
Sisulu also said the ANC was "comfortable with the current inflation targeting rate of just more than 6percent".
But Sisulu said the interest rate could not be used as the only tool to deal with the economic misery.