The South African Communist Party (SACP) has called for the establishment of a sovereign wealth fund within the next five years, arguing that it is crucial to achieve the nation’s economic and social transformation goals. SACP general secretary Solly Mapaila emphasized the importance of utilizing natural resource revenues to fund the fund and invest in national development priorities.
SACP general secretary says fund is crucial to achieve the nation’s economic and broader social transformation and development priorities.
The proposal for this was contained in the May 2024 ANC election manifesto which was endorsed by its alliance partners. Mapaila said “royalties from our mineral resources were insignificant” but when excluding corporate income tax and wages, after covering production costs, the rest of the mineral resources value and related labour processes went to private profits.“The ultimate value of our mineral resources, which takes the profit form, does not belong to the people as a whole.
SACP Sovereign Wealth Fund South Africa Economic Development Social Transformation
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