The idea of a sovereign wealth fund made its way into popular discourse in 2012 after the ANC Youth League (ANCYL), then led by Julius Malema (now leader of the EFF) pushed strongly for the nationalisation of mines.

These positions had been advanced by the youth wing at the ANC’s national general council in late 2010, when, as part of its package of policy proposals, it demanded the amendment of the Mineral and Petroleum Resources and Development Act (MPRDA) to “allow greater state participation in exploration, extraction, production, processing, trading and beneficiation of mineral resources in SA”...

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