New catchphrase for voters

After “white monopoly capital” the new catchphrase for a largely naïve electorate (in economic terms) is “radical economic transformation”. It promises greater participation in the economy by the black majority. Radical economic transformation has in fact already taken place on a large scale, albeit with questionable results. The state is the single largest participant in the economy and is managed by a black majority. State-owned enterprises (SOEs) employ mainly black managers and black staff. Most municipalities in the country are run by black managers and mayors.

The governing party has time and time again shown it wants to be measured by its actions, and not by the results. The state has caused debt levels to reach crisis proportions; economic growth is pedestrian and unemployment is a record high.

The majority of municipalities are bankrupt, and so are the SOEs. Corruption and financial mismanagement are rife at those entities.

The private sector is the only place where economic sanity prevails, where tax revenues are generated and pensions are secured.

The government now expects this sector to enthusiastically embrace radical economic transformation. There is reason to believe that the results will not differ much from those of the public sector. If this materialises even God will not be able to help this country any longer.

H Fischer

St Helena Bay