PLEASE, GET THE FACTS RIGHT
SOMETHING ELSE that wearies is the inability of the black intellectual class to get its facts about race and the economy correct.
Latest in a long line of these purveyors of inaccuracy is Professor Sipho Seepe of the Henley Management College. Seepe, usually a fair and balanced commentator, writing in Business Day, repeats the old canard that white South Africans own 95% of the economy.
Now Government spends almost 30% of our gross national income and it represents the people and the people are 80% black (and more if you include Indians and Coloureds – Chinese do not exist in our racial classifications).
In gross fixed capital formation more than 30% is undertaken by the State, and this ratio will move up as Government embarks – after years of neglect – on a R400bn infrastructure spree.
Perhaps Seepe was referring to the stock exchange. If so, he might bear in mind that at least 30% of our shares are held by foreign investors while institutions such as insurance companies, pension funds, the Public Investment Corporation and so on dominate the 70% or less held in South Africa.
All these owners act for others and those others include a rapidly growing proportion of blacks. To suggest, as Seepe does, that SA whites own 95% of the economy is simply misleading and provocative.
Lastly, I’m weary of being ripped off. In a restaurant recently I paid R180 for a bottle of wine that I later priced at just over R40 in a local bottle store. One can assume that the restaurant bought its stock at lower than retail so the mark-up is quite obscene.
Then I had an accident in my car and was provided by my insurers with a rental car. In conversation with the rental company’s staff I was told that there would be a R3 000 excess in the case of damage to the vehicle.
I asked what the premium would be to cover this excess. I was told it was R300 for the month I would be using the rental car. This is 10% of the amount being insured. Extrapolated over a year it would be R3 600 to cover an excess of R3 000. South Africa: rip-off heaven.