'Be careful not to elevate state ownership to a religion', warns Tito Mboweni

Mboweni said that the country should look toward merging its state-owned airlines to remove the need for duplicate boards and chief executives officers and could sell the explosives unit of state arms company Denel to AECI, a privately owned explosives company.

The finance minister also said that a new commissioner of the South African Revenue Service will be appointed next week and a new board for the Public Investment Corp., which manages the pensions of South African state workers, will be constituted within two weeks. Both institutions have been embroiled in scandals.

Once the current set of challenges facing the National Treasury have been resolved, Mboweni said he would like to return to the private sector. Mboweni has served as chairman of AngloGold Ashanti and as an adviser to Goldman Sachs Group. “I am on public record saying it is time for old people to retire and it is time for young people to run the country,” said Mboweni, who is 60 years old.

Mboweni also called for stronger action against those who committed corrupt acts during the tenure of former president Jacob Zuma, saying that what happened at the national revenue service was “treasonous.”

Why is he so eager to sell SOE?

WHY SHUD WE TAKE YOU CRUSLY FIRST?

But why can't the state operate these state companies successfully when they have the advantage of not having to generate any profits? How come?

Can’t wait for 8 th of May

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Mboweni warns of elevating 'state ownership to a religion'The finance minister says a discussion must begin on whether the government needs to retain control of all the assets it owns given the poor state of the national finances. Fin24 so in house does he sell his house furniture when he does not have money mara...👀 he is a rare breed of economist this one!!! Fin24 Will he guarantee that not a single job will be lost etc. Just poking the situation with hanging questions like a he's poking meat on a braai stand is silly Fin24 Yhoo!! The sooner we retire this pro capital minister the better for the black majority.
Source: News24 - 🏆 4. / 80 Read more »

OP-ED: Employee stock ownership plans — a viable option for South Africa?The African National Congress’s 2019 election manifesto released in January refers to the need to broaden ownership of the economy and ‘a focus on extending worker ownership across the sectors of the economy’ as an essential part of transforming the South African economy to serve all the people. We believe that including workers in the democratic ownership of companies via employee stock ownership plans may well be a viable option for South Africa to consider. Starbucks already do it in RSA. If business can embrace it, it will definitely get rid of unions because workers will want to ensure that they get good returns.
Source: dailymaverick - 🏆 3. / 84 Read more »