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Jacob Zuma condemns white’s economic Power monopoly in S Africa

South African president has once again, condemned the dominance of the country’s economic power by whites, a tradition, he said has been sustained sin apartheid regime.

Jacob Zuma , the South African President called for radical reforms to shift the balance of “monopoly” economic power away from whites who dominated under apartheid, saying without such change blacks would stay poor for a long time.

Agency report said that, the South African president’s remarks, echoed a staple criticism leveled by his ruling ANC about South Africa’s economy, against the backdrop of widespread allegations of corruption against Zuma and his friends, the Indian-born Gupta brothers.

Africa report on Tuesday posted that Zuma was made the remark in his responses to a question about his role as an enemy of “white capital,” during an interview with the ANN7 news network, which was founded by the Guptas. Zuma and the Guptas have denied any wrongdoing.

“I don’t know why there is a debate in fact. Because there is a monopoly capital and in South Africa it is white … because of our history, it does have a color.

It is white,” Zuma, who steps down as head of the ANC in December but can remain head of state until elections due in 2019, said.

“Companies that dominate in the mines, there are not many … You will find the same companies in charge. That means they are monopolizing the economy and they’re not black,” he said.

The Chamber of Mines in the world’s top platinum producer says that in 2016, 39 percent of the sector was owned by “historically disadvantaged South Africans” – meaning non-whites.

Zuma said the policy of “radical economic transformation,” which has also seen moves to change the constitution to allow for the expropriation of land for redistribution to landless blacks, was needed to “correct the past.”

“The ANC must follow this policy because if you don’t, we are going to stay in poverty, in inequality, for a long time.”

Myke Uzendu with Agency Report.

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