ECONOMY
Radical transformation of Zuma’s pockets
Radical economic transformation seems to centre far more on the spending of SA’s finances than on the sustainable creation thereof, writes Beverley Schäfer
You can tell a lot about a country by the way it spends its money. You can tell even more about a country by the way in which it makes it. SA’s increasingly verbose economic policy-making has left us all tongue-tied. The term "radical economic transformation" has been thrown around for some time, resurging with the hiring of our country’s newest and least experienced finance minister. So, what exactly is meant by a radical change in economic policy? For one, radical economic transformation seems to centre far more on the spending of SA’s finances than on the sustainable creation thereof. Under President Jacob Zuma’s ANC, the economy has come to a grinding halt. Prior to 2009, our economy saw the fastest growth rate since the 1960s between 2004 and 2007, with GDP growth averaging 5.2% per annum. This trend was nurtured by an economic team groomed to head the country’s postapartheid economy. Control of national inflation, accompanied by lower nominal rates, greatly reduced government ...
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