Minister in the Presidency Jeff Radebe says there must be consequences for ministers who fail to implement government policies.

Radebe was speaking to News24 following President Jacob Zuma's State of the Nation Address (Sona), in which the president said government was entering a "new chapter" of radical economic transformation that should go beyond words.

"So, going forward, especially [for] those in the executive, we have to be on the ball and we must be held accountable. There must be consequences... especially [for] those who exercise these strategic levers of power," Radebe said.

Radebe said the time for words without implementation was over, and government had to put into action the African National Congress' (ANC')s vision for radical economic transformation to have more black people manning the levers of the economy.

His comments come amidst more intensified speculation that a Cabinet reshuffle is on the cards and could take place after the budget speech by Finance Minister Pravin Gordhan on February 22.

Radebe said the policies and laws were in place to change ownership of the economy, since the second phase of economic transformation was adopted at the party's 2012 Mangaung conference.

State-owned bank still on the cards

"In this context, the radical economic social transformation requires those who exercise this power to execute it with vim and vigour," Radebe said.

Zuma announced that the state would play a key role in including black industrialists with small micro and medium enterprises in the economy.

This would begin with ensuring that the R900-billion government infrastructure budget benefits them.

"If you take the figure of R500-billion spent by the state in procuring goods and services, and we take 30% aside for SMMEs, that will be equivalent to R150-billion in the hands of SMMEs by black people," Radebe said.

When asked if the long mooted state bank would ever be established, Radebe said there could be "good news".

He said an announcement would be made soon by the ministers of telecommunications and finance.

'Let us share'

"I do know that there was advanced things that are happening as far as the Postbank [is concerned] and the role of the Reserve Bank. I am very positive we will be hearing good news very soon," Radebe said.

Although Zuma did not directly address the transformation of the financial sector during his Sona, on Friday, during the SABC's  Morning Live programme, which is sponsored by the Gupta-owned newspaper The New Age, he said the country's top four banks' domination of the sector was frustrating growth.  He said there should be more players in the sector.

"At the heart of the economy is finance. If the critical banks that dominate everything are just four... in all countries where the economy is developed, the banks are all over because it is the finances that make the economy grow."

"We want to change this... If you have four banks, let us have more banks. Let us share that. Let us unpack the economy and give opportunities to everyone," Zuma said.