EFF leader Julius Malema talks to members of the media. File Image - African News Agency (ANA)
EFF leader Julius Malema talks to members of the media. File Image - African News Agency (ANA)

Imagine what they would say about SA's dwindling economy if it was in black hands, says Malema

By Siviwe Feketha Time of article published Mar 5, 2020

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Johannesburg - EFF leader Julius Malema has lamented the lack of alarm shown by South Africans over the deteriorating state of the economy which saw SA slipping into recession this week.


Malema was addressing the Black Business Council’s annual summit alongside other political leaders in Midrand, Johannesburg.


Malema said the lack of concern on the declining economy was due to it being still white-owned, unlike many other African countries.


“We have a problem of lack of transformation in the economy, and this economy which is not growing is white-owned. It is not owned by black people and there is no serious criticism of it, (because it) is white-owned. Imagine if this economy was to enter recession and (it was) owned by black people. It would be referred to as another failed African state,” he said. 


He blamed the country’s persistent poverty levels and growing inequality on the failure of the ANC-led government to transform the economy to include the black majority.

He called on the black business community to support the EFF’s economic transformation stance, which included nationalisation.

“We must reclaim our economy. There cannot be a reclaiming of the economy without a fundamental change. White people tell you ‘the way you go about it will collapse this economy’ but the reality is…and I am happy I am speaking to the black elite who have gone through the renovation of houses…when you renovate a house there is disruption. There is no way we can transform this economy without disrupting the status quo."

He said the EFF model of expropriating land had to be utilised and this would happen by making the state the custodian, as it did with mineral resources.

“It will not be the first time that the state becomes the custodian of critical resources. We know that the state is the custodian of mineral resources in this country. These mineral resources were, before, owned by private companies and the state adopted the policy that made the state the custodian,” he said.

DA head of policy Gwen Ngwenya dismissed the EFF’s policy position and argued that people had to be given full ownership of the land as beneficiaries of land reform.

Ngwenya said the state had to first expropriate its land and give it to citizens before considering touching privately owned land.

Political Bureau

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