Sexwale: Nationalisation 'nothing new'

Durban - South Africa is not the first country to consider nationalisation, ANC national executive committee member Tokyo Sexwale said on Monday.

"We will not be the first to nationalise and not to nationalise. Many people have done well with it, others have failed," he said on the sidelines of the African National Congress’s mid-term policy review conference, the national general council, in Durban.

Sexwale was coy about whether he backed the proposal to nationalise South African mines, but said the council would consider the "pros and cons".

The ANC Youth League has been at the forefront of the push for nationalisation and the Congress of SA Trade Unions also supported the state playing an increased role in the mining sector.

"We just have to strike a balance about what our discussion will be, then if (it's going) to be implemented a balance as well," said the former businessman.

Sexwale said he looked forward to a "very calm but also candid" conference and was adamant it was not the time to consider leadership.

"The conference must be very calm but also candid where people can express themselves very freely but also the most important issues are development here, see this conference is not elective.

"Many people must understand that it is merely a review, but it will be robust and I believe very candid," he said.

Reports had indicated that the conference would be a precursor to the ANC's national elective conference in 2012, with the ANCYL already coming out in support of its former president Fikile Mbalula to replace current secretary general Gwede Mantashe.

Sexwale said the NGC was about renewal for the ruling party.

"An organisation that is stationary will lose members as well as lose its position going forward in the future."

Gordhan weighs in

Nationalisation of South Africa's mines or financial institutions is not government policy, Finance Minister Pravin Gordhan said on Monday as the ruling ANC party met for a major policy conference.

The outspoken youth wing of the African National Congress and its labour ally Cosatu have been pushing for mine nationalisation but analysts expect no major change in the mining industry, which accounts for about 6% to 7% of gross domestic product.

"Nationalisation is not government policy," Gordhan told Reuters on the sidelines of the conference in the port city of Durban.

Gordhan also said South Africa needed a stable currency.

Cosatu has called for measures to weaken the rand which is currently trading at 2 ½ -year highs.

"We want stable and competitive currencies," Gordhan said.

Gordhan said the uncertain global economic outlook and low economic growth in developed countries had an impact on the South African economy.

"The global economy reflects a lot of uncertainty. The uncertainty plus the low growth amongst the developed economies certainly has an impact on South Africa's economy".