• Without prejudice

    We all need to fight the ugly bigotry that’s made news recently, says Mandi Smallhorne.

  • Inside Labour

    The Davos extravaganza is slick PR and no UN-style institution, says Terry Bell.

  • 2015 Gadget preview

    Arthur Goldstuck presents gadgets to connect 2015 to the past and future.

See More

'Kill corruption, create new wealth'

Sep 19 2010 09:06 Mpho Sibanyoni

Company Data


Last traded 0
Change 1,65
% Change 0
Cumulative volume 1612851
Market cap 201.39bn

Last Updated: 26-01-2015 at 04:26. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 0
Change 52
% Change 0
Cumulative volume 500533
Market cap 710.15bn

Last Updated: 26-01-2015 at 04:26. Prices are delayed by 15 minutes. Source: McGregor BFA

Sasol Limited [JSE:SOL]

Last traded 0
Change 11,3
% Change 0
Cumulative volume 1277703
Market cap 269.25bn

Last Updated: 26-01-2015 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

ANC: debate welcome, but no shifts

ANC, unions to hold summit

Business to attend ANC policy showdown

SA needs a state bank, says Cosatu

Cosatu: nationalisation talks crucial

Cosatu seeks forex policy reversals

Johannesburg - Leaders of some of the country’s top companies are optimistic that the country can achieve its 7% growth target, but they admit that some things need to change.

City Press spoke to the leaders ahead of the ANC’s national general council, which starts on Monday and is expected to tackle the transformation of the economy and its growth path.

The chief executive of Naspers [JSE:NPN] (the owners of City Press), Koos Bekker, said the country was spending most of its time redistributing the wealth created in the past instead of creating new wealth.

“Our peers in Brazil, India and China are growing their economies by at least 7%, and so can we.

“The only requirement is that we kill corruption. Every new venture involves investment, pain and risk. No entrepreneur will take that risk if the fruits of their labour can be taken away by corrupt officials,” he said.

“We’ve already seen corruption destroy growth in the mining industry. Neither local nor foreign investors are prepared to invest in new mines when the president’s family can pull a Kumba on you,” he said.

Bekker was referring to the recent controversial empowerment transaction where Duduzane, the son of President Jacob Zuma, and the Gupta family (the president’s friends) benefited from a mining licence under questionable circumstances.

Bekker said: “So while mining is blossoming, almost everywhere else in the world, our growth in mining has been killed off by corruption. If this spreads to other industries, we’re in deep trouble.”

Standard Bank Group [JSE:SBK] SA chief executive Sim Tshabalala said banks could do a lot to grow the economy.

“The growth rate will depend in large measure on the relative competitiveness of SA,” he said.

Tshabalala said banks could play an important role in helping local businesses raise money to fund their investment initiatives.

“Facilitating more trade flows and cross-border payments would be helpful,” he said.

The executive director for business sustainability and transformation at petrochemical company Sasol [JSE:SOL], Nolitha Fakude, said emphasis should be placed on supporting industries in manufacturing and -infrastructure development as they had the potential to create a large number of jobs.

“Government and business should support the industries that will create labour-intensive jobs,” she said.

Fakude said focus should also be placed on small, medium and micro enterprise (SMME) development because of their ability to create jobs.

Vodacom Group [JSE:VOD] chief officer of corporate affairs, Portia Maurice, said the country needed to radically improve its skills base and match it to its economic needs.

“Our country should improve its productive capacity, infrastructure capabilities and country competitiveness,” she said.

- City Press

For more business news, go to www.citypress.co.za.



Latest Articles

15 Investment Tips for 2015
Tax-free saving accounts are coming
Which generator is right for you?
5 top tips to help you save on your next grocery bill Read More...

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...