Ace Magashule: White monopoly capital is still a reality in SA

Ace Magashule: White monopoly capital is still a reality in SA

- ANC secretary-general Ace Magashule insists that, despite attempts to deny it, white monopoly capital is a reality

- Magashule lamented that the South African economy is held in the hands of the minority

- The veteran politician said that while people may not want to talk about it, it remained the truth

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Ace Magashule recently told students at the University of Witwatersrand that 'white monopoly capital' is still very much alive in South Africa.

News24 reports that the ANC secretary-general had commented on the struggling economy, saying that:

"In America, the economy is owned by Americans, you can go to Malaysia, you can go to Singapore, China, Russia … it's owned by the indigenous, only here in South Africa the economy is in the hands of the few."

Magashule was adamant that labelling the situation simply 'monopoly capital' would reduce any hope of any meaningful resistance.

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READ ALSO: Over 200 Nigerians flee SA: Politicians at odds over who's to blame

Briefly.co.za reported that tensions between South Africa and other African nations had seen Nigerians fleeing back to Lagos, evacuated in the wake of xenophobic violence.

This, according to Magashule, was a sure sign of western interference in two of Africa's largest economic drivers:

"The big economies on the continent of Africa are South Africa and Nigeria, that's why people will say SA does not want people from other African countries. The intention is subtle, to isolate South Africa. We will be an island on our own and this country will never move forward, you will remain employees and never become owners of the economy. They want to reverse the gains of the economy."

The Citizen reports that Magashule had heralded the ANC as not only the hope of South Africa but of Africa in its entirety:

“The ANC is the hope of the world, the hope of Africa is the ANC. It’s not just an organisation for the liberation of the people of Africa."

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Source: Briefly.co.za

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