EFF call for the nationalisation of banks rejected
Nationalisation of mines, banks and other strategic sectors of SA’s economy remain at the front and centre of the party’s policies
Parliament on Tuesday shot down an EFF plan to nationalise banks without compensation. Nationalisation of mines, banks and other strategic sectors of SA’s economy remain at the front and centre of the party’s policies. The issue of nationalisation came to the fore recently after Christopher Malikane, an adviser to Finance Minister Malusi Gigaba, also called for the government to take over banks, mines and insurance firms. Malikane, who is an economics professor at Wits University, proposed the setting up of a state bank that would combine all government-owned financial institutions, the nationalisation of the Reserve Bank and the expropriation of land without compensation. Gigaba has since distanced himself from Malikane’s views. Opening the debate in Parliament on Tuesday, EFF leader Julius Malema said that the financial services sector was one of the biggest sectors in the economy, contributing about 20% to GDP, yet it remained the most untransformed. He said banks controlled many...
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