At an event a decade ago, Gwede Mantashe, who had recently been appointed ANC secretary-general, announced that he believed the banks and mines should be at least 50% government-owned. A hand went up in the auditorium. "Running a bank is hard," said the speaker. "When things go wrong you have to fund them. And finding ways to compete is hard work. If you're the government, why don't you just tax them instead? You'd get all of the upside but none of the headaches." I don't remember Mantashe's answer, but the question stayed in my memory. It was asked by Laurie Dippenaar, and in its simplicity it betrayed a deep understanding of the relationship of the private and public sectors. It was classic Dippenaar, analysing complex problems by asking simple questions. Last week he announced his retirement as chairman of FirstRand. When he steps down in March next year it will be the first time in the group's history that neither the CEO nor chairman's office will be occupied by one of its thre...
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