Investec ANC must toss nationalisation – Koseff

The ANC must end talk of nationalising mines and set clear policy goals to revive confidence in the economy, according to Stephen Koseff, the chief executive of Investec. The party had failed to curb corruption and improve education since taking power in 1994, even as the Treasury and Reserve Bank had followed sound monetary and fiscal policy, Koseff said in an interview on Wednesday. The ANC will elect leaders next week and decide on policy for the next five years. When investors “hear vague noise and talk of nationalisation and all funny things, they get very nervous”, Koseff said about some party proposals. “The first thing we need is policy clarity. There is some confusion as to what key government policy is.” The ANC should adopt the proposed National Development Plan, he said. – Bloomberg


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