Ramaphosa Is Wrong, Blacks Control The Economy – De Klerk Foundation


The FW de Klerk Foundation said our deputy President, Cyril Ramaphosa was just jockeying for position in the run-up to the ANC’s National Conference when he recently remarked that South Africa must put a stop to whites dominating and controlling the economy.

Read Here: ‘Whites Can No Longer Own And Control The Economy’ – Ramaphosa

 In an article published on it’s website, FW de Klerk Foundation argued that ANC contenders are maneuvering to secure the support of delegates with some playing the race card to gain the much-needed support.

That, according to Dave Steward, the Executive Director of the foundation, was what the deputy president did when he uttered that White South Africans are controlling the economy.

“Mr Ramaphosa is wrong about who owns and controls the economy: black South Africans control economic and fiscal policy; they control the state’s 35% share of the economy; they own the 10% represented by the informal sector, and according to the JSE they own a higher percentage of the stock market than whites,” Steward highlighted.

He acknowledged that “whites still control and own a disproportionate – but diminishing – share.” But then, argued that it “should not be surprising when one considers that they built up many of the companies involved and that they represent a disproportionate share of the entrepreneurial and management skills in the 45+ manager/owner age group.”

Steward said the deputy president will discover it’s more difficult to capture the economy than capturing the state.

“Unlike the state, businesses have to produce value – or go bankrupt. This means that they must be run by the most competent people available, regardless of their race,” he warned.

And added that “the ANC should have learned this from its gross mismanagement of the parastatals – a significant part of the economy that it has already captured.”

With that, the Executive Director advised the deputy President to remember that racial-based policies “with the clear objective or harming the legitimate interests of any South Africans on the basis of their race” is unconstitutional.

“They would also erode any prospect of national unity and would lead to the destruction of economy and of our constitutional state,” Steward cautioned.

See Also: Andile Mngxitama – ‘I Love Zimbabwe, Land Must Return To Black By Force’