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Zuma denounces ‘monopoly’ white economic power

Calling for radical reforms to shift the balance of economic power away from whites who dominated under apartheid.

South African President Jacob Zuma reiterated a call on Monday for radical reforms to shift the balance of “monopoly” economic power away from whites who dominated under apartheid, saying without such change blacks would stay poor for a long time.

He made the remarks, reiterating a staple criticism levelled by his ruling ANC about South Africa’s economy, against the backdrop of widespread allegations of corruption against Zuma and his friends, the Indian-born Gupta brothers.

Zuma was responding to a question about his role as an enemy of “white capital”, during an interview with the ANN7 news network, which was founded by the Guptas. Zuma and the Guptas have denied any wrongdoing.

“I don’t know why there is a debate in fact. Because there is a monopoly capital and in South Africa it is white … because of our history, it does have a colour. It is white,” Zuma, who steps down as head of the ANC in December but can remain head of state until elections due in 2019, said.

“Companies that dominate in the mines, there are not many … You will find the same companies in charge. That means they are monopolising the economy and they’re not black”

The Chamber of Mines in the world’s top platinum producer says that in 2016, 39% of the sector was owned by “historically disadvantaged South Africans” – meaning non-whites.

Zuma said the policy of “radical economic transformation,” which has also seen moves to change the constitution to allow for the expropriation of land for redistribution to landless blacks, was needed to “correct the past.”

“The ANC must follow this policy because if you don’t, we are going to stay in poverty, in inequality, for a long time.”

The frontrunners to replace Zuma at the helm of the ANC are Deputy President Cyril Ramaphosa, a trade unionist who amassed a fortune in the world of business, and Nkosazana Dlamini-Zuma, former chair of the African Union and Zuma’s ex-wife.

Ramaphosa is viewed more favourably by foreign investors, who help cover the country’s deficits. Many of them are unsettled by Dlamini-Zuma’s calls to radically redistribute wealth and her perceived links to her former husband.

In a separate interview on state broadcaster SABC, ANC Secretary General Gwede Mantashe said “state capture is a reality,” referring to allegations that the Guptas and others have undue political influence with access to state resources and contracts under Zuma.

Mantashe is regarded as an ally of Ramaphosa with ties that go back to the 1980s when they were involved in the founding of the National Union of Mineworkers.

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Presumably Zuma hasn’t heard that gold production in South Africa today is a small fraction of what it once was. Hence the white monopoly capital he continually refers to is trivial.

Mining is a dying, almost dead, industry in South Africa.
Don’t let us ever forget what happened to Johannesburg Consolidated Investments (JCI), once one of the greatest gold mining companies in the World. This is an important lesson.

As he illegally enriches himself and his family. What a travesty!! He single handedly brought down a country! 🙁

Funny how over 8 years in charge of SA and 10 years in charge of the ANC, he has not prioritized this “critical” matter. It is only now that he does not feel he has to bear the responsibility and manage the fallout that he positions himself as the “enemy of white capital”. I can’t understand how he thinks he has any credibility!

Anything to enrich himself and his friends. No limits! No Shame!

I hope that post Zuma, we can have an enquiry to all the corruption and jail the whole crowd that helped hurt South Africa.

Also extradite all fusnd from Dubai that were stolen from the South African Tax payer.

I will contribute to any organization to take these people to book.

Agh please! So we all know the rich is no longer white. It is actually funny how the LAST idea mentioned yesterday (in getting money for free education) is stopping corruption. I guess the anc’s success depends on the intelligence of their voters.

It is a blessing that the country has such an intellectual colossus as president

Has he not found a replacement for the UK PR firm, has to use old material here?

Always chuckle when I see him appearing on ANN7. I really don’t understand why BLSA does not come out with the true stats regarding transformation i.e black jobs created, wealth transferred, % owned in JSE by non-whites and social/enterprise development programmes value.

Surely they can amass that data if they collaborate and share on a public forum to make JZ look even dumber?

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