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Home News S.Africa’s Zuma vows to reclaim economy from ‘white males’

S.Africa’s Zuma vows to reclaim economy from ‘white males’

Published on 26/06/2012

South Africa's economy is still in the apartheid era and blacks must wrest control of the continent's financial and mining powerhouse from the white minority, President Jacob Zuma said Tuesday.

“The structure of the apartheid economy has remained largely intact and has not included higher or inclusive growth,” Zuma said as he opened a key policy conference of the ruling African National Congress (ANC).

During talks with the apartheid regime before the end of white minority rule in 1994, the party “had to make certain compromises in national interest and these were absolutely necessary,” Zuma said.

“The ownership of the economy is still primarily in the hands of white males as it had always been,” he said.

“The ANC must democratise and deracialise the ownership and control of the economy by empowering the African community and blacks in general.”

Around 3,500 party and alliance partner delegates from the country’s nine provinces were expected at the four-day conference in Johannesburg to discuss what has been termed a “second transition”.

White South Africans — around 10 percent of the population — still own as much as 80 percent of the land.