The party wants the fund to hold equity stakes in companies on behalf of the nation, rather than individuals doing so as a result of BEE
The SACP has welcomed the announcement by President Cyril Ramaphosa in his Thursday state of the nation address that a sovereign wealth fund will be created.
Sovereign wealth funds are state-owned investment funds that invest in real and financial assets, such as stocks, bonds, real estate, and precious metals; or in alternative investments, such as private equity funds or hedge funds. “It is an important fund that can lead strategic investments by the country in important areas where we have perhaps not invested enough. This is a fund that many countries in Europe, especially Scandinavian countries, have used to accumulate revenue to look after the country’s interest.”
The SACP supports Gordhan, particularly for his combat against state capture and other forms of corruption, which has elicited a fight-back campaign by those who benefited from it.
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