Economic transformation "has been frustratingly slow" and has favoured the few, Deputy President Kgalema Motlanthe said in Pretoria on Thursday.

"We have to admit the speed of economic transformation has been frustratingly slow at times," Motlanthe told the inaugural meeting of the president's Broad-Based Black Economic Empowerment (BEE) Council.

"We have to admit that the broad-based part of BEE has seemed elusive. The story of black economic empowerment in the last 25 years has been a story dominated by a few individuals benefiting again and again."

Motlanthe asked the council to consider that most of South Africa's marginalised were being sidelined.

Motlanthe was delivering the speech in place of President Jacob Zuma, who had cancelled his public engagements for two days to rest following a "hectic" schedule, his office said on Thursday.