ANC wants pension funds to boost local economy - Mashatile | Fin24
 
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ANC wants pension funds to boost local economy - Mashatile

Aug 21 2015 21:15
Mpho Raborife, News24

Johannesburg - The ANC is considering using state-owned pension fund Public Investment Corporation to invest in the local economy, including Gauteng's infrastructure.

That was according to provincial chairperson Paul Mashatile, who was speaking at a Black Management Forum conference in Johannesburg on Friday.

"We always complain that black people don't own this economy... but 30% of companies on the stock exchange - their equity is from our pension funds," Mashatile said.

"If you have a pension or you have invested in some form of retirement [plan], know that your money is in the stock exchange, but you have no say."

The theme of the conference was "Equity, non-racialism, restitution and social justice".

Mashatile said people often shied away from touching their pension fund money out of fear, unaware that the funds were already being invested by brokers and fund managers.

"For too long our pensions have been used not to benefit us... and we can't keep quiet.

"We can't be beggars in our own country, we have to participate, we must be beneficiaries, we must be those who design our destiny."

The ANC was looking to invest in Gauteng's infrastructure. This would be a massive project that the private and public sector could take part in, he said.

"There are issues of governance... there are issues of return on investments, but let's invest in our own country. Let's invest in developing sound infrastructure.

"There are a lot of projects in the country that are commercially viable."

Mashatile emphasised that he was not calling for the reckless investment of people's funds.

The matter was still in the discussion phase in the Gauteng branch and would be discussed further at the national general council later this year, he said.

anc  |  pic  |  paul mashatile  |  johannesburg  |  economy
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