President Cyril Ramaphosa has promised that the government of national unity’s (GNU) aim was to run state-owned entities in order to benefit the South African economy.
Ramaphosa was replying to the debate on the presidency budget vote 2024 at the Cape Town City Centre on Wednesday.
Establish a state-owned holding company
He said the GNU under the seventh administration would establish a state-owned holding company. Its mandate would be to oversee and coordinate key strategic SOEs.
Ramaphosa said the functions of the holding company would be assigned by the legislature.
These functions are expected to include governance, financial management, remuneration and related issues.
“The Department of Planning, Monitoring and Evaluation has been assigned the responsibility to finalise the processes towards the establishment of the holding company and associated matters.
“It will establish a dedicated SOE Reform Unit with the appropriate expertise to oversee this work,” he said.
“While some in this house might be dismissive of the work being coordinated in the Presidency, let us not lose sight of what these measures mean for the everyday lives of South African citizens.
Measures are aimed at bettering citizens’ lives
“They mean more affordable and reliable electricity, cleaner water, efficient trains and lower data costs.”
The department of public enterprises would also let go of some of the SOEs. They will now report to their respective line departments for policy and regulatory matters.
Ramaphosa said all this was in an effort to ensure that positive change is visible after 30 years of democracy.
He said the apartheid struggle was for a better and dignified life. And that economic opportunity, not only a racial struggle.
Struggle for a better life not over
Yet the struggles still continue as graduates cannot find employment. And parents having to go to bed hungry to save meals for their children.
“It is the plight of those who are poor, unemployed and living lives of great hardship that should occupy our attention. The great challenge of our democratic government and the intention of this administration, is to fulfil that promise of a better life for all.
“We have the skills, the talent, the resources and the will to do this. And we have an opportunity through this GNU. To come together to make this vision a reality,” said Ramaphosa.
Struggle for a better life not over…
“It is the plight of those who are poor, unemployed and living lives of great hardship that should occupy our attention. The great challenge of our democratic government and the intention of this administration, is to fulfil that promise of a better life for all…”
“Even if it were to win state power, capitalists would remain indispensable for economic growth.” I. Matthews Bantsijang quote