SA's weath gap to come under the spotlight at World Economic Forum

Oxfam South Africa has vowed to turn the spotlight on the country’s wealth gap during the World Economic Forum (WEF) on Africa next week.

As part of its “Even It Up” campaign‚ the aid and development charity will call on government to build an economy that is inclusive of all South Africans‚ and not only the preserve of the country’s wealthy.

WEF Africa‚ which kicks off in Durban from May 3 to 5‚ will see a gathering of local and international captains of industry‚ government and civil society to discuss solutions to create economic opportunities for Africans.

• Durban to rake in R155m from World Economic ForumThe World Economic Forum (WEF) is likely to boost Durban’s economy by up to R155 million‚ the KwaZulu-Natal government said on Friday. 

“We believe that for a radical economic transformation to be a plausible proposition and not just a talkshop slogan by government‚ we need clear and credible proposals on how government aims to‚ among others‚ eradicate absolute poverty from 39% of people living below the poverty datum line of R419 (2009 prices) to zero; reduce unemployment rate to 6% by creating 11 million more jobs by 2030‚ and significantly reduce inequality ... through a range of policy interventions‚” said Siphokazi Mthathi‚ Oxfam SA’s executive director.

Mthathi said Oxfam’s data on wealth inequality in the country demonstrates the huge inequality “that has continued to characterise post-apartheid South Africa”.

• Government holding the line on country’s finances‚ says ministerGovernment policy on prudent fiscal discipline and stringent fiscal consolidation‚ as outlined in the 2017/18 budget‚ will remain unchanged‚ Communications Minister Ayanda Dlodlo emphasised Friday. 

In a recently report titled “An Economy for 99%”‚ Oxfam found that just three billionaires in South Africa have the same wealth as the bottom 50% of the population‚ and the country’s richest 1% of the population owns 42% of its total wealth.

The People’s Economic Forum - a group that includes civil society movements - has kicked off its own version of WEF Africa‚ in venues around Durban for all South Africans.

“The WEF Africa will be attended by a few invited businesses and politicians. They can afford to pay the exorbitant registration fee to join the selected group of elite who create policies‚ make decisions and develop trade deals‚” the forum said in a statement.

It is hosting talks‚ workshops‚ people’s courts and film screenings.