- The ANC has decided that state-owned enterprises will not be privatized
- Ace Magashule announced that the matter was decided on during the national executive committee meeting
- This comes despite increasing hardships facing the likes of South African Airways' and Eskom
Ace Magashule has announced that the ANC resolved not to allow for the privatisation of state-owned entities.
News24 reports that this comes despite challenges facing South Africa's SOE's, such as the South African Airways' and Eskom.
Magashule indicated that the ruling party was content following SAA entering into business rescue, Briefly.co.za gathered.
The ruling party intends to turn the situation around at the public entities by hiring skilled professionals to lead the way:
“Firm action is required to improve the governance and performance of SOEs by ensuring the appointment of skilled staff and qualified board members and protecting public institutions from improper interference."
NEC member Dakota Legoete commented that while privatization won't take place, the government is exploring alternative funding options:
“We discussed SOEs, we discussed possible models of equity partners, whether we look out for private companies, whether we look at other SOEs, whether we go for ordinary South Africans through investment schemes – be it stokvels – where they buy shares."
Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!