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Opinion - The fake black ownership statistics on the JSE

“This month will be very busy. Today there is a launch at Wits of a series of research papers on BEE, including mine about the fake black ownership statistics on the JSE. To cut a long story short, the government killed its own BEE policy when it caved in to the mines and the banks and agreed the this once-empowered always empowered policy. To explain what this means. Anglogold sold the mines to Patrice in 1998. Anglogold has no mines in SA anymore (they sold everything under the leadership of a black chairman) I think it sold the last mines to Harmony. So Harmony can still claim ownership points for that deal in 1998. Mining and finance account for 75% of black ownership on the JSE. So if you kill liquidity in these sectors it is the end of ownership deals.

Later this month, the Studies in Poverty and Inequality Institute (SPII) will be launching two papers of mine on the basic Income Guarantee. To cut a long story short, i have proposed a three-year implementation of BIG at the upper poverty line of R1 335 a month for adults aged 18 to 59 and that it should be extended to children who currently get a child support grant that is way below the food poverty line of R624 a month. This will provide the economy with a R360 billion stimulus, eliminate income poverty, increase GDP growth to about 4.8% a year and create 3.7 million jobs. This is the first stimulus

The proposal is that there should be 6% GDP growth target. During the three-year implementation period, the government must put in place the policies to restructure the expanded public works programme to provide full time jobs and provide a job guarantee. This second stimulus will lock in the the higher growth rate and ensure that all of this is affordable in the long term. With a higher growth rate a lot of things become affordable. We can dream again.

Finally, Isobel Frye and i will be going on a road show to get the support of the largest companies on the JSE. Sipho Maseko, Telkom's inspirational chairman has already pledged support. The company will be talking about their support for basic income at an investment conference tomorrow. Many other business leaders have reached out to me to provide support. SA is an unviable society with unemployment rates of 74.8% for youth, 48,7% for Black Africans, 53% for Black African Females, 53% in the Eastern Cape, 50.3% in the Northern Cape and 49.95 in Limpopo. we can continue with these failed economic policies.”

Let's pray and hope that these proposal will be implemented beyond the talk show which we know our govt excel at. So much damage in our economy has happened in past 14 years which resulted with drove of poverty of Black people, youth and women in particular.

Social grant for poor and unemployed must be welcome by all those who want to see RSA democracy being preserved.

I also hope Duma you work much close with Madiba (Minister of Finance) unlike what happened when he was still ANC Head Economy which seems that he was only prepare to listen to himself.

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Anglogold BEE Harmony JSE Studies in Poverty and Inequality Institute


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