His Excellency, Honorable Jacob Zuma has the best interest of South Africa at heart. Often times, he’s asserted that his business in politics is development. As such, he has seized the control of SA State Owned Companies (SOCs) in order to take the country to the next level of development.
BuzzSouthAfrica learnt that his government is about to start work for the creation of the Presidential State Owned Companies Coordinating Council.
As revealed by Jaff Radebe, the Minister in the Presidency for Planning, Monitoring and Evaluation, the Coordinating Council will be chaired by Daddy Zuma.
Radebe was speaking to journalist about the previous week’s four-day Cabinet Lekgotla when he divulged this.
According to him, the essence of the Presidential State Owned Companies Coordinating Council is to better the economic development of South Africa.
He said: “Work will start for the creation of the Presidential SOCs Coordinating Council, which will provide President Zuma line of sight on strategic decisions and interventions to create SOCs that play a transformative role in a capable developmental State.
The aim is to create a coordinating council that is similar to the Infrastructure Coordinating Commission that is chaired by President Jacob Zuma because of the very important role that SOCs play in the economic development of South Africa.”
Among other things, the four-day Cabinet Lekgotla examined the advancement of SOCs since its last meeting in February 2015. And also, stipulated the next steps to take in reforming SOCs.
In line with that, Cabinet highlighted that the implementation of the stabilization programme at SOCs has progressed.
It however, indicated that there is a need to strengthen a leadership that will effectively execute the turnaround strategies .
More so, Lekgotla prioritized the finalization of the Shareholder Ownership Model. That, as believed, will inform the legislative framework for SA State Owned Companies reform by November 2016.