Looking at who is in charge, has the transformation experiment failed?
On Tuesday, the country will be celebrating 27 years of freedom from apartheid colonialism - ironically, 27 years is the same period that Nelson Mandela spent behind bars in pursuit of our freedom. Yet the economic transformation project, which was initiated as a direct consequence of the negotiated political settlement, appears to have been set back a few years, especially in the financial services industry in the recent past.
Last Tuesday, the board of Absa, one of SA's major commercial banks, announced that it was parting ways with its first-ever black African chief executive, former central banker Daniel Mminele. Official reason: "It has become clear to the parties that there is non-alignment on matters of strategy and culture transformation."..