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SA economy remain in the hands of white producers, says Floyd Shivambu

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JOHANNESBURG – Speaking about the economy at the Black Management Forum’s (BMF’s) conference in Midrand, Deputy President of the Economic Freedom Fighters FLoyd Shivambu says South Africa still remains in the hands of white producers and blacks are locked out of their own economy.

“We’ve got an economy of white producers and white retailers, and black consumers. We are not playing any meaningful role as black people in our economy,”

Shivambu said the prime factor for black businesses being unable to provide goods and services, and participate in the economy was because 79% of land in SA was still owned by those who owned it before 1994.

“When the EFF speaks about land, it speaks about how it can be used [for transformation],” Shivambu said.

Shivambu also suggested that the BMF speak to the government employees pension fund, which owns assets worth about R1.2bn, and its investment manager, the Public Investment Corporation, about including more blacks in the boards of companies it invests in.

He urged the government to play a bigger role in transformation and to do more for black industrialists, saying that the R500m budgeted to aid 100 industrialists was not enough.