In the quest for an inclusive economy in KwaZulu-Natal, economic development, tourism and environmental affairs MEC Sboniso Duma is proposing a sovereign fund for the province to ensure a “radical” and “agile” transformation of its economy.
Duma was speaking during an event celebrating his 100 days in office in Port Shepstone on Saturday.
He said his vision of an agile state can only be achieved through brave leadership who are not afraid to take “harsh” decisions.
“People who don’t change people’s lives, who are apologetic and hide behind being stopped by the Public Finance Management Act are not cut out to be public servants because they won’t change people’s lives,” he said.
Duma said it was worrying how corruption had been linked to black people — to a point that some in the black community are starting to believe it — while white people were the real beneficiaries and everyone was turning a blind eye to it.
“Corruption is inherently linked with capitalism. Without capitalism there would be no corruption and the biggest benefactors of capitalism are white people.”
He said white-owned companies responsible for the construction of 2010 World Cup stadiums had admitted to colluding and offered to pay R2.5bn to the government as fines.
“Don’t think that having our people on the legal benches means we have achieved transformation. People have been in this system for years so it will not just be an overnight process to change it. It will take balancing the systems and ideological super structure,” he said.
Duma earlier reopened the upgraded Margate Regional Airport. He said the most important takeaway from the project was that it was built by black-owned companies.
“This airport is the manifesto of how black people can take up space in an industry like this one. It shows that black people can be trusted with big projects.”
The best way to make the system work for everyone, in the context of KwaZulu-Natal, would be to start a sovereign fund, he said.
“If all 5.5 million employed people in KZN contributed R100 per month we can have our own bank as black people. It would have billions by the end of the year. Have Amakhosi, the religious sector and other critical stakeholders on the board of directors and the government also contributes to it and call it sovereign fund. That’s how we can change our economy,” he said.
“Now is the time. EDTEA is ready to start the sovereign fund, we can even contribute R20m to start it once we have taken that decision ...”
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MEC Sboniso Duma proposes sovereign fund for KZN
Image: Sandile Ndlovu
In the quest for an inclusive economy in KwaZulu-Natal, economic development, tourism and environmental affairs MEC Sboniso Duma is proposing a sovereign fund for the province to ensure a “radical” and “agile” transformation of its economy.
Duma was speaking during an event celebrating his 100 days in office in Port Shepstone on Saturday.
He said his vision of an agile state can only be achieved through brave leadership who are not afraid to take “harsh” decisions.
“People who don’t change people’s lives, who are apologetic and hide behind being stopped by the Public Finance Management Act are not cut out to be public servants because they won’t change people’s lives,” he said.
Duma said it was worrying how corruption had been linked to black people — to a point that some in the black community are starting to believe it — while white people were the real beneficiaries and everyone was turning a blind eye to it.
“Corruption is inherently linked with capitalism. Without capitalism there would be no corruption and the biggest benefactors of capitalism are white people.”
He said white-owned companies responsible for the construction of 2010 World Cup stadiums had admitted to colluding and offered to pay R2.5bn to the government as fines.
“Don’t think that having our people on the legal benches means we have achieved transformation. People have been in this system for years so it will not just be an overnight process to change it. It will take balancing the systems and ideological super structure,” he said.
Duma earlier reopened the upgraded Margate Regional Airport. He said the most important takeaway from the project was that it was built by black-owned companies.
“This airport is the manifesto of how black people can take up space in an industry like this one. It shows that black people can be trusted with big projects.”
The best way to make the system work for everyone, in the context of KwaZulu-Natal, would be to start a sovereign fund, he said.
“If all 5.5 million employed people in KZN contributed R100 per month we can have our own bank as black people. It would have billions by the end of the year. Have Amakhosi, the religious sector and other critical stakeholders on the board of directors and the government also contributes to it and call it sovereign fund. That’s how we can change our economy,” he said.
“Now is the time. EDTEA is ready to start the sovereign fund, we can even contribute R20m to start it once we have taken that decision ...”
TimesLIVE
Support independent journalism by subscribing to the Sunday Times. Just R20 for the first month.
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