Gigaba man: nationalise banks, insurers, mines
Finance Minister Malusi Gigaba's new economic adviser has tabled a blueprint that puts banks, insurance companies and mines in the line of fire for radical economic transformation
Finance Minister Malusi Gigaba's new economic adviser - an economics professor from the University of the Witwatersrand - has tabled a blueprint that puts banks, insurance companies and mines in the line of fire for radical economic transformation. The eight-page proposal, if it is adopted wholesale, starkly contradicts Gigaba's recent statements in which he backtracked on radical economic transformation and said the state would stick to fiscal discipline and inclusive growth. This followed a second credit-ratings downgrade to junk by Fitch Ratings last Friday. On Thursday, Gigaba told investors in Cape Town: "We will be working hard in the coming weeks and months to avoid further downgrades and in the medium term, to restore our investment-grade rating." This included meeting this week with foreign investors in Washington at the IMF and World Bank Spring meetings. The proposal by Professor Chris Malikane appears to be at odds with Gigaba's message. Mayihlome Tshwete, the minister's...
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