It's about Eskom, Transnet: ANC official on plan to pursue prescribed assets after polls

It's about Eskom, Transnet: ANC official on plan to pursue prescribed assets after polls

The ANC will pursue the implementation of prescribed assets 'immediately' after elections, according to the deputy chair of its economic transformation committee Zuka Godlimpi.

South Africa’s ruling ANC will forge ahead with plans to revive an apartheid-era rule compelling pension funds to plow money into certain government-approved investments, assuming it retains power in upcoming elections. The rule, was created in 1956 during white-minority rule to force investment in government bonds but was scrapped decades later. Plans to revive it have been criticised by the pension industry, which fears funds may be threatened if invested in under-performing state-owned enterprises.

Still, the need to revive growth and tackle one of the highest unemployment rates in the world means steps are needed to use the wealth of the country’s financial sector to boost the economy.

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Fin24 /  🏆 21. in ZA

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