South Africa’s Zuma again denounces “monopoly” white economic power

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South African President Jacob Zuma reiterated a call on Monday for radical reforms to shift the balance of “monopoly” economic power away from whites who dominated under apartheid, saying without such change blacks would stay poor for a long time.

Chaos erupts during South Africa's President Jacob Zuma's State of the Nation Address

He made the remarks, reiterating a staple criticism leveled by his ruling ANC about South Africa’s economy, against the backdrop of widespread allegations of corruption against Zuma and his friends, the Indian-born Gupta brothers.

Zuma was responding to a question about his role as an enemy of “white capital”, during an interview with the ANN7 news network, which was founded by the Guptas. Zuma and the Guptas have denied any wrongdoing.

“I don’t know why there is a debate in fact. Because there is a monopoly capital and in South Africa it is white … because of our history, it does have a color. It is white,” Zuma, who steps down as head of the ANC in December but can remain head of state until elections due in 2019, said.

“Companies that dominate in the mines, there are not many … You will find the same companies in charge. That means they are monopolizing the economy and they’re not black,” he said.

The Chamber of Mines in the world’s top platinum producer says that in 2016, 39 percent of the sector was owned by “historically disadvantaged South Africans” – meaning non-whites.

Zuma said the policy of “radical economic transformation,” which has also seen moves to change the constitution to allow for the expropriation of land for redistribution to landless blacks, was needed to “correct the past.”

“The ANC must follow this policy because if you don‘t, we are going to stay in poverty, in inequality, for a long time.”

The frontrunners to replace Zuma at the helm of the ANC are Deputy President Cyril Ramaphosa, a trade unionist who amassed a fortune in the world of business, and Nkosazana Dlamini-Zuma, former chair of the African Union and Zuma’s ex-wife.

Ramaphosa is viewed more favourably by foreign investors, who help cover the country’s deficits. Many of them are unsettled by Dlamini-Zuma’s calls to radically redistribute wealth and her perceived links to her former husband.

In a separate interview on state broadcaster SABC, ANC Secretary General Gwede Mantashe said “state capture is a reality,” referring to allegations that the Guptas and others have undue political influence with access to state resources and contracts under Zuma.

Mantashe is regarded as an ally of Ramaphosa with ties that go back to the 1980s when they were involved in the founding of the National Union of Mineworkers.

Reporting by Ed Stoddard, Editing by William Maclean

14 COMMENTS

  1. Zuma, you have showed what real courage is and fought against #whitecorruption and dominance of White Monopoly Capital which itself is a work of sheer power.

    • On the other hand, Just have a look at our so called Presidential Candidate Ramaphosa who is busy exploiting South Africa, Where is SA Going? Do you people really feel this person who is called as Rapist, Womanizer, wmc agent, corrupt politician could be our representative?

      • Ramaphosa should be banned from contesting any kind of election now and in future. His name was enlisted in the Paradise Paper leaks, how could he be allowed to contest for such prestigious designation?

    • This is for the people who think that white monopoly is just a made up term, South Africa has been suffering for years just because few people thought that their color was inferior, if people think that color doesn’t matter, i wish it never did but the harsh truth is it still does for some people who thinks that they are superior than other. We need to unite stand against them if we really want equality in our country.

  2. White Monopoly Capital paid media is spreading fake shit against you just because they couldn’t tolerate the loss they suffered in Mines Contract.

    • We all must be feel encouraged by him to stand against what is wrong. He could have stood with Johann Rupert and Cyril Ramaphosa and looted the money of SA but he fought against it.

      • I believe that Zuma is an inspiration for our country. His efforts to implement Radical Economic Transformation in the country is very progressive and a slap on WMC’s face.

      • We are by his side, you go President Zuma, we are with you. No matter how much hurdles these stooges bring up, they will never win.

    • White monopoly capitalists have spared no one. They targeted each and every one who came in their way, they did every thing possible to destroy whoever comes in their way be it Guptas, Zuma, Ann7 or the people like Brown and Molefe.

    • There are more loss to suffer for the white monopoly capitalists. They will pay for every penny that they have stolen from our country.

  3. This is what happens when the intentions of White Monopoly Capitalists are not fulfilled and someone stands against them. Prez Zuma and Guptas has set an example by exposing the conspiracies of WMC in business enterprises.

    • President Zuma has done a wonderful job by exposing the white monopoly capitalists in the country. The white monopolists are exploiting our country and our ignorance is the biggest reason why it is still continuing to do so.

      • People did ignored it for long. But it was not a decision people took by themselves. The white influenced media has a vital role in framing people’s mindset in the wrong way.

    • Zuma has definitely fought bravely with the white monopoly capitalists. But did he got in return? Insult, accusations, charges and conspiracy against him. This is how a president is rewarded in South Africa for his work.

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