Cape Town - Poverty, unemployment and inequalities will worsen under the leadership of the ANC, said Julius Malema in a statement on Tuesday.
The expelled ANC Youth League leader established a new political formation called the Economic Freedom Fighters with the view to forming a political party.
The formation intends on holding consultative forums across the country.
These meetings aim to discuss issues such as the redistribution of land and the nationalisation of mines and banks.
"The ANC is committed to a right-wing, neo-liberal and capitalist agenda which has kept majority of our people on the margins of South Africa's economy," Malema said in the statement.
It also labelled the National Development Plan as a "neo-liberal, right-wing and reactionary policy framework" and said it will worsen South Africa's socio-economic problems.
Earlier on Tuesday, Malema said that the movement is not related to his expulsion from the ANC.
"It is not about me, it's about the struggle for economic freedom," said Malema in an SABC radio interview, while expressing no confidence in the leadership of the ANC.
The group already established an online presence. It has a Facebook profile and posted the following status update:
"No surrender! No retreat! Comrades we have three options:
1) To sit and watch the ANC being destroyed with the hope that something positive will come in the immediate future, or
2) To start a political movement that does not contest the ANC but champions Economic Freedom struggles, or
3) To form a political movement that contests against the ANC in the general elections."
The twitter biography of the movement states that it is a platform for Economic Freedom Fighters to champion radical economic policies in South Africa.
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