ANC wants more private involvement in South Africa’s economy

A DRAFT policy document compiled by South Africa’s governing party suggests the private sector play a greater role in the economy, a proposition that’s favoured by President Cyril Ramaphosa and provides further evidence of a shift in thinking in an organization that’s traditionally backed by state-led growth.

The African National Congress document, seen by Bloomberg, recommends that private companies invest in infrastructure and take over state-owned firms. It also envisions businesses and individuals donating land to kickstart a program to improve access for Black farmers.

Efforts to revive an economy have foundered in the wake of the Covid-19 pandemic and nine years of misrule under Ramaphosa’s predecessor, Jacob Zuma, during which the government estimates more than R500 billion ($32 billion) was stolen – mainly from state companies.

Many of the firms are now dependent on government bailouts and the country’s ailing power utility, Eskom Holdings SOC Ltd., has subjected the