Minister: Why aren't Africans running the economy?
In Japan, the Japanese run the economy, so in Africa, why aren't the Africans running the economy? Minister of Science and Technology Mosibudi Mangena asked on Thursday.
He was addressing delegates and corporate representatives at the 40th annual Black Management Forum at the Sandton Convention Centre.
He said in South Africa, white people made up about 10% of the population but controlled most of the economy.
"They control 70% of the land, 98% of the banking, all manufacturing, all tourism, 63 % of platinum reserves and many gold reserves," Mangena said.
"We are going backwards as black South Africans, even though we occupy 90 % of the population."
Mangena explained that there wasn't the same passion for economic freedom as there was for political freedom.
"We need economic consciousness and to mobilise one another's spirit. We need economic leadership for ownership and control and we must work at owning our own intellectual property," he told delegates.
He said South Africa's black people needed to produce their own original goods but, most importantly, Mangena said black South Africans needed economic solidarity.
"We need black economic solidarity so that we can support each other. Black people don't have solidarity like the white people do. We don't even need black economic empowerment (BEE) if we have solidarity," he said.
full story from M&G here