During the 1990/1 Codesa negotiations, which the US and other imperialist powers have forged for the ANC, as by a its “desire for economic stability” entered into a pact with Afrikaner nationalists and big business, that the ANC led by Nelson Mandela should compromise and sell black population into the devil’s nest.
The ANC, hiding behind the fall of the Soviet Union, weak Cuban economy, the deviation of China’s economic policy, its financial backers made it clear that they will regret ever selling the black population when they would be unseat from parliament by a socialist revolution, soon or later, where the wrongs of the ANC and its neo-liberal policies have trapped a black race into debt, inequality, unemployment, underemployment and poverty.
Now lets look at these 12 sins:
1. The repayment of the US$25 billion apartheid-era foreign debt. This denied Mandela money to pay for basic needs of apartheid’s victims.
2. Giving the South African Reserve Bank formal independence. This resulted in the insulation of the central bank’s officials from democratic accountability. It led to high interest rates and the deregulation of exchange controls.
3. Borrowing $850 million from the International Monetary Fund in December 1993, with tough conditions persisting for years. These included rapid scrapping of import surcharges that had protected local industries, state spending cuts, lower public sector salaries and a decrease in wages across the board.
4. Reappointing apartheid’s finance minister Derek Keys and Reserve Bank governor Chris Stals, who retained neoliberal policies.
5. Joining the World Trade Organisation on adverse terms, as a “transitional”, not developing economy. This led to the destruction of many clothing, textiles, appliances and other labour-intensive firms.
6. Lowering primary corporate taxes from 48% to 29% and maintaining countless white people’s and corporate privileges.
7. Privatising parts of the state, such as Telkom, the state-owned telecommunications company.
8. Relaxing exchange controls. This led to sustained outflows to rich people’s overseas accounts and a persistent current account deficit even during periods of trade surplus, and raising interest rates to unprecedented levels.
9. Adopting the neoliberal macroeconomic policy Gear. This policy not only failed on its own terms, it also caused developmental austerity.
10. Giving property rights dominance in the constitution, thereby limiting its usefulness for redress.
11. Approving the “demutualisation” of the two mega-insurers Old Mutual and Sanlam. It was the privatisation of historic mutual wealth for current share owners.
12. Permitting most of South Africa’s ten biggest companies to move their headquarters and primary listings abroad in the late 1990s. The results are permanent balance of payments deficits and corporate disloyalty to society.
When the ANC entered government in 1994 the white Afrikaaner nationalists, National Party, had already stolen/looted the Saambou bank worth of R65 billion.
There is a proof of this and this proof was presented to the ANC which it chose to ignore. This amount should have been recovered during the TRC campaign, but it is today used by the white race to preserve white supremacy and capitalism.
The ANC is aware of the amount in US dollars of over 500 billion owed by foreign banks to the apartheid government, but the ANC chose to ignore this even when the proof was presented to it in black and white.
This money was supposed to be used to service victims of apartheid and provide services to the black populace.
The sins they committed in the Codesa negotiations where they succumbed to white supremacy and capital would hunt them the day we, our children or our grandchildren storm parliament to demand that the ANC become history like Muslim Brotherhood in Egypt.