PIC MAKING AN INSIGNIFICANT IMPACT
APART from looking after the pension fund of government employees, what developmental role does the Public Investment Corporation (PIC) play in the country?
The PIC is estimated to be worth about R2 trillion in market capitalisation yet its making an insignificant impact to redress the status quo with meaningful investments to accelerate economic growth and development.
In fact, the PIC should have endowed the state with assets in the banking, mining and energy sector.
Methinks the PIC could have acquired African Bank when it was going under to establish a state bank with suitable products for public servants. Likewise, the PIC could have put in a bid to gain control of Lonmin to become a state mine and pioneer a beneficiation programme with the view to reduce the importation of commodities in their primary form.
Investing in off-the-grid energy systems would have yielded results in the development of economically depressed areas and vulnerable communities across the country.
Bailing out of corruption-riddled state entities is given priority over taking a sober look at the material conditions on the ground.
Morgan Phaahla Vosloorus, Boksburg WE ARE experiencing record petrol prices. And, as South Africa enters a recession, the rand has weekend by more than 10% in the past month which means we will probably see another price increase next month. We need a serious look at fuel levies and to stop paying for the ANC’s mismanagement of the Road Accident Fund.
The land debate and policy uncertainty has added to investors’ worries. We need policy certainty. Khayelitsha, Cape Town