Mantashe: We don't need the West

2012-05-23 09:47

Johannesburg - Western investors have to realise South Africa does not need their money since it can turn increasingly to fellow Brics members India and China to fund its economic development, ANC secretary general Gwede Mantashe said on Tuesday.

"There is a dynamic that Western investors must wake up to," Mantashe, day-to-day head of the ANC, told Reuters in an interview.

"If they are still sulking regularly, there is a growing 'look East' tendency that is emerging throughout the continent, the developing world."

The left-leaning ANC is deeply suspicious of the West, resenting what it sees as high-handedness by the United States and Africa's former European colonial powers and distrusting free market capitalism.

It also objects to conditions often imposed by Western institutions as the price of their investment.

"Sometimes, when you deal with the IMF or World Bank, or anything, they feel that you must stop thinking because they have money and they will tell you what to do with the money," Mantashe, a former union leader, said.

"As long as that is the case, you are going to see the fast growth of the 'look East' policy," he said.

China provides investment with far fewer strings attached, while its approach is perceived as more tactful. As a result it has become South Africa's biggest trading partner.

Last year South Africa exported goods worth R90.2bn to China, more than twice exports to Germany and about eight times more than those to Britain. South Africa's trade deficit with China was about $3bn.

South Africa joined the Brics group of emerging economic powers Brazil, Russia, India and China in early 2011, and has made clear its desire to emulate the Chinese and Brazilian models of state intervention in the economy.

Mantashe and other top ANC officials have taken several trips to China to see how it uses state-owned industry to power its economy.

"The Brics development bank is going to be a reality and that is where we look for money and funding because developing economies must be allowed to grow and develop," he said.

Meanwhile the ANC has shown its distrust for Western firms, for example with an unsuccessfu attempt to roll back approval for Walmart's $2.4bn acquisition of retailer Massmart Holdings [JSE:MSM].

"A mouse from the bush"

Mantashe also admitted the ANC, which has ruled Africa's biggest economy since the end of apartheid in 1994, was in a mess. But he said it was cleaning up the infighting and corruption scandals that have eroded its authority.

Mantashe said part of the problem lay in the deployment of inexperienced ANC cadres to bureaucratic posts commanding huge and complex budgets.

"It is like taking a mouse from the bush and making it run a cheese factory," he said.

"The mess we are dealing with now grew up over a long period of time," he said. "We are mopping up. Once we are able to mop up the mess, it means we are not dysfunctional."

All three major global ratings agencies have downgraded their outlook for South Africa, saying President Jacob Zuma's government is on the wrong track with graft, a wide budget deficit and a poor education system clouding the future.

Zuma's government has made progress in building houses and providing running water, power and healthcare but it also faces hundreds of protests each year from people saying more must be done and accusing local officials of lining their pockets.

"You are not... entitled to have your hand in the till. You are entitled to a salary. Everything else does not belong to you," Mantashe said. 

  • Werner - 2012-05-23 09:57

    He is a special kind of person this Gwede....

      nigel.burgess.52 - 2012-05-23 10:18

      Isn't he just

      colin.dovey - 2012-05-23 10:31

      China will devour your assets Gwede - just like they have surreptitiously taken over the AU thinking, the Platinum reserves in Zimbabwe....the list goes on.....

      Alan - 2012-05-23 10:32

      and so the Govt. arrogance continues. But we all kne long ago that the ANC are the lapdogs of the Chinese. Remember the Dalai Lama?

      Rob - 2012-05-23 10:40

      Oh LOOK!!!! The rand has just lost 20c in value from the Pr@@k opening his mouth. Imagine if DSTV said we dont need the WEST for F@@k sakes!!

      renny.meere - 2012-05-23 10:41

      Gwede you sound a lot like our neighbor Mr.Mugabe, better put a leash on that mouth of yours, remember with great power comes great responsibility.

      Andrew - 2012-05-23 10:42

      Stop Western aid on AIDS and we will see a holacaust of AIDS deaths the bloody fool that he is. No brains but what do you expect from a communist trained ANC cadre?????

      Gordon - 2012-05-23 10:51

      Interesting how the ANC will take the public to court over eTolls as it might affect the economy, when a few dumb comments like this can have just as much impact. Sadly, the writing is on the wall. I wonder how many years before our democracy is replaced with Chinese-style rule.

      Fidel - 2012-05-23 10:57

      The Western agents are bedeviling Chinese participation in Africa - the key reason is that Westerners can't stand competition, as it gives Africans a fair chance. If the Chinese model for engagement in Africa ends up achieving nothing, but does not result in Africans being reduced to debt slaves, it will still have succeeded a hundred times more than the Western model.

      sabongam - 2012-05-23 11:03

      @ Jack, I agree that Mantashe's comment is a careless one to make since Africa does get a lot of aid and funding from the West...But for you to turn around and say this is a "typical black response" is not only racist but just as careless and ignorant... and Richard this is a stupid question but please allow me to be - you are aware that China is part of BRICS right?

      Walter - 2012-05-23 11:13

      This guy Mantashe is either ignorant or has a severe head cold which has brought on a "no-brainer". He boasts about the trade between SA and China, but has he thought about all the unemployment being created by the importation of cheap Chinese goods? The rag trade in our country is in dire straits, to name just one area.

      ALex - 2012-05-23 11:44

      @Jack..Mr, there's nothing to be grateful for. deals are made and are ended/broken.Whether you've been wearing clothes from the west east north it doesn mean you must bow down to those powers.the means of production will always change hands, whether black or white.Wether you came to be or not, life will always go on. Bowing to no man is an option. There will always be the begining of something or an end fellow.

      Edward - 2012-05-23 14:08

      Love the way that the ANC think that China's investments come with fewer strings. Just remember when they want something they get it, look at how they treat their own population. Remember also that China found that it's business model (state runs everything) didn't work and so they have been slowly moving to the western model. Also interesting to note that SA already has a $3billion trade deficit with China. Gotta love the chinese when they get into your economy pretty soon they own it. Almost paradoxical to call them trade partners.

      Squeegee - 2012-05-23 16:32

      Already 300 000 Chinese in Zambia... growing every day.

  • Denis - 2012-05-23 09:59

    I think while embracing our new friends from the BRICS...there's absolutely no reason to throw away our western friends. We can do with them all...and play them against each other to our advantage. Think smarter old man Mantashe.

      William - 2012-05-23 10:04

      Well also considering the very obvious....BRICS produce all these goods....where exactly are they sold? China is desperate to keep the EU afloat because if the EU and America went under, china would fall apart. The analogy is China and India are the sweat shops for the west. they are interlinked...

      Press - 2012-05-23 10:53

      Yes . . very clever . . put all your eggs in the basket of China, a country with no human rights record ... that will still spectacularly blow up when their workers start mobilising . . . very clever Gwede . . and India - which is basically a religious one party democracy . . . very clever Gwede, very Clever . . . just for the record, us citizens dont want all our eggs in your chosen basket . .

  • William - 2012-05-23 10:00

    OH yes...lets open up the flood gates for the Chinese...i am sure they will be more then willing to protect our interest, and not undercut our local market by flooding our market with cheap goods that we can never compete with. Hell...why use local south African construction workers....lets use Chinese slave labor...that will solve our unemployment problem...yes...lets turn our backs on the west with their deplorable human rights record and embrace those cultures that will extend employment to everyone including the young...i mean why waste those nimble small fingers on "learning", rather use them when making cheap clothes....its all good business. mmm...think i may of exceeded my sarcasm limit for the day....damm...

      Fidel - 2012-05-23 10:26

      It is possible for someone to have such strong convictions, but not when they are based on falsehoods and total misconceptions. As part of the bi-lateral trade agreement with China, South Africa requested and got quotas to be implemented on the amount of Chinese manufactured goods allowed into the country, hence the tiny trade defecit of $3 billion. There is a whole series of legends like yours, supported by and embroidered on without proof or substantiation.

      William - 2012-05-23 11:00

      If you want me to provide proof of my "misconceptions" i would be more then happy to provide numerous case studies.....but answer this question...We have all seen the made in china products litter our formal and informal sector.So surely we must also be for every 100 Chinese goods sold in South Africa, how many South African goods are sold in China? Exclude resources...i am talking about goods made in the South African manufacturing market. Sorry but all those agreements regulate is the speed at which our market is undercut. By the way...that misconception is me extrapolating on the Japan example. Ever wonder how Japan created their absolute dominance in the TV/technology market? They flooded the american with cheap low quality tv brands and undercut the local market until any serious competition was illuminated,...then they concentrated on quality. Final argument is based on the fact that numerous European and American manufacturing firms are moving their operations to if America and Europe are unable to protect their interest...what chance do we have? Final facts: China does use Slave workers in the form of "Prisoners"- China uses child labour: So...dam me and my misconceptions.

      Fussed - 2012-05-23 11:04

      Chinese slave labour will be good, start young and go on pention at 25. Oh what a life

      mandla.masipa - 2012-05-23 12:35

      Mantashe, is not saying how they went to the East, we dont need both East and West, we need to sustain ourselves

      Fidel - 2012-05-23 12:59

      The West was just the same when it was rising to wealth. They only took on treating people decently and the rule of law in business when they were already rich. It was the western business class that moved its factories to China because of the greed to maximise profits, as a result of this chip labour. A close scrutiny of China’s bilateral trade figures shows that China runs trade surplus with much of the developed nations and a trade deficit with many of the (resource rich) developing nations, thereby passing its huge trade surplus competitiveness to certain parts of the developing world, down the value chain. This has simultaneously resulted in benefiting much of the world as vast majority of the world could afford many of these Chinese-made products for the 1st time (which forced competition to cut costs also), erstwhile reserved for the rich, at costs within their reach.

      William - 2012-05-23 13:37

      To sumerise your points. At this point the west is "treating people decently and the rule of law in business when they were already rich"...i.e...they treat people decently and are rich. "western business class that moved its factories to China because of the greed to maximise profits, as a result of this chip labour."- You admit that Westernen workers have lost out directly because they moved operations to china AND china do have cheap labor...(Cause slaves are basically free and well kids are easy to fool" "A close scrutiny of China’s bilateral trade figures shows that China runs trade surplus with much of the developed nations and a trade deficit with many of the (resource rich) developing nations, thereby passing its huge trade surplus competitiveness to certain parts of the developing world, down the value chain."- I enjoy this sentence cause its full of all sorts of white washing and intellectualism ...i think i need to paraphrase. Part of China success is they are engaging with resource rich nations to uitilise those resources to produce their cheap products. As we know...mining based economies ALWAYS benefit the people....just look at Nigeria and its oil....South Africa and its gold...Malawi and tobaaco farms....So no...Resource based economies have proven to make a few people rich....but does it benefit the people?

      William - 2012-05-23 13:47

      Last and final point. "This has simultaneously resulted in benefiting much of the world as vast majority of the world could afford many of these Chinese-made products for the 1st time (which forced competition to cut costs also), erstwhile reserved for the rich, , at costs within their reach."- admit local competitors have been forced to cut costs due to Chinese competition. Your right dam those corporate clothes manufacturing in the eastern cape and their desire to find a means to lift them selves out of poverty. Instead of owning a new pair of FABU, ddidas and NIKI shoes... wouldn't these people prefer a job that does not require only unskilled labour? Hell a job at all would probably be nice. Finally i have yet to see you counter my claim that China uses slave and child labour, undercuts local competition? I mean these were all based on "falsehoods and total misconceptions"...

  • Piet - 2012-05-23 10:03

    Stupiddity prevails.....Like a rabbit playing with a tiger.....

      Arthur - 2012-05-23 12:14

      Aaah Confucius say big mouth with little head make big noise but little sense.

  • daan.enslin - 2012-05-23 10:04

    Sounds like Bob Mugabe speaking!!! - look where it got him.....

  • PumaFred - 2012-05-23 10:04

    As dumb as the FHM models that tweet crap

  • felix.feline.3 - 2012-05-23 10:05

    Careful Gwede, they put your party in power and ended apartheid through sanctions. You owe them more than you think.

      Bradley - 2012-05-23 10:18

      First realization that pooped into my head...

      felix.feline.3 - 2012-05-23 10:23

      Heh heh Bradley, no need for poop jokes ;)

      nick.athinodorou - 2012-05-23 10:42

      Funny how the comrades forget that if it was not for the West they'd still be fighting the struggle. But the again,if you take a mouse out of the bush and put him in govt what do you expect...

      Bradley - 2012-05-23 10:43


      Azande - 2012-05-23 10:53

      I think you guys are missing the point here. gwede is saying the western should be careful not to impose their oppressive, opportunistic and unfair policies when they negotiate deals with other business partners. there are more options. so, come down that high horse.

      felix.feline.3 - 2012-05-23 11:10

      I did realize that Azande, but I prefer negotiations without insults.

      Derek - 2012-05-23 11:31

      those who made you is those who will break you.....

  • James - 2012-05-23 10:06

    Im Surprised at the stupidity that is abundant!!!!

      thepatrickwinter - 2012-05-23 13:22

      Nothing surprises me anymore, the first half of 2012 has set new precedents on arrogance, stupidity, corruption and abuse of power that I find it hard to be optimistic for the future of the next generation.

  • Lebogang - 2012-05-23 10:06

    Is it me or does it increasingly look like Gwede is South Africa's general secretary as opposed to being general secretary of the ANC. But I guess the communists are taking over due to lack of direction, vision and general leadership from our beloved head of state.

  • franco.beukman - 2012-05-23 10:08

    Once again Gwede just showed that he should nt open his mouth at all cause wot ever he says is either comming out wrong or his mouth is to fast for his brain. South Africa should welcome all who wants to invest. China is a devil we dnt knw dude

  • darryl.earnshaw - 2012-05-23 10:08

    Mugabe anyone? You may not need the West but you rely heavily on the Communist East ie China, who in turns relies on the West. It's all connected you idiot, and it's the same for ALL of Africa. You'll be begging for the West's help when your kids are sitting in the dirt with flies in their noses and mouths. Don't bite the hand that feeds you

  • Nadine - 2012-05-23 10:09

    Hey Gwede , so you are quite happy to be China's (b8t@#). I doesnt matter whose money you borrow the lender will still determine the terms and conditions. Your a fool. Remember why the Dalai Lama is not allowed to visit SA.

  • Greg - 2012-05-23 10:09

    Idiot. Bite the hand that feeds you and see what happens.

  • Mark - 2012-05-23 10:10

    Prove your point Mantashe by getting rid of your expensive German cars and get one of those GWMs or TATAs. then we shall believe that SA does not need the West.

  • Clive - 2012-05-23 10:11

    Again cut off your nose to spit your face! you small bush mice trying to run a cheese factory.

  • ThaBob - 2012-05-23 10:12

    Gwede here is your first chinese language lesson (free of charge). You will need it soon !Say after me....."shi laoban"....... It means JA BAAS / YES BOSS !!!

      Bloodstone - 2012-05-23 11:50

      Good one ThaBob, but let's not stop there: teach him his first basic counting lesson in Chinese: count from 1 to 3...1=Wha, 2=Tapoo, 3= Siam. No go count to three in Chinese...

  • Heinrich - 2012-05-23 10:14

    On the one hand I agree with what mantashe when he says when he says things like: "It is like taking a mouse from the bush and making it run a cheese factory" "You are not... entitled to have your hand in the till. You are entitled to a salary. Everything else does not belong to you," But hen he says things like: "they feel that you must stop thinking because they have money and they will tell you what to do with the money" And then I think "WHAAAAT?? did you just say?"

  • Gerald - 2012-05-23 10:14

    Gwede I agree with you First though get all of your fellow MP's and ANC people to get out of their "Western BMW's Merc's and other fancy vehicles and get int Chery's tat are built in China All Now Chinese

  • Robinson - 2012-05-23 10:15

    wow mr Mantashe...ur hatred 4 white ppl will screw diz nation...another thing,I know we are governed by the anc led government....but surely they should have all citizens intrest @ heart....apartheid is over,anc should govern all...not us blacks only....mantashe,vavi and zille please don't divide the nation

      Alan - 2012-05-23 10:58

      just another BRIC in the wall....

      Robinson - 2012-05-23 11:06

      bring on the bulldozer...the time 4 veterans has come 2 an end...we not fighting oppression and apartheid any more...we don't need old bags like him taking us 2 the past....

  • John - 2012-05-23 10:16

    Look East? Why don't we just sell SA to the Chinese and get it over and done with. Mugabe has plundered his country thanks to the Chinese, are we next? God help SA!

      jomardl - 2012-05-23 13:28

      playing the Mugabe card is like playing the Hitler card

  • ian.rundle1 - 2012-05-23 10:16

    Funny that. China and India look strongly to Europe and the USA for trade BUT SA, under a ANC government thinks it can snub the biggest trading blocks in the world.

  • thasmeel.singh - 2012-05-23 10:16

    great! we rely on western investors to make the economy grow. now gwede opens his big mouth without thinking to something he doesnt understand and SA will suffer. Discipline him like malema before our image is tarnished any further.

  • The-third - 2012-05-23 10:16

    what a moron.

  • nigel.burgess.52 - 2012-05-23 10:17

    What a sad story, the story of Africa. Never learn, never admit their failure, arrogance beyond comprehension. The Chinese will take this continent out from under the feet of these clowns before they know it. They see Land and Resources, and they're in. Twenty years from now they will realise what the true Terms & Conditions were for getting into bed with the East and then wonder what the hell happened.

      Clive - 2012-05-23 11:46

      Yip wish they would wake up and realise there is now kick fix. we have failed and need time to correct man up and acknowledge it.

  • Fidel - 2012-05-23 10:17

    Well spoken Mr Mantashe. The Washington concesus institutions exist solely to make Africa's economies bleed. Their (SAP) Structural Adjustment Programmes are a traversty that seek to take over countries' sovereignties and hand them over to foreign consultants that charge exorbitant fees. As Rev. Chikane writes in his book regarding conditionality: "The terrorism of the powerful against the weaker states! The highest form of corruption, buying states or countries by promising them one form of assistance or another, buying leaders directly to ensure that they are complaint." "The scope of Africa’s independent thinking is constrained by the need for any strategies devised to meet with the consent of our donor partners." "The freedom and liberation of Africans includes the right to make decisions without being manipulated or dictated to by foreign powers, especially the former colonialists."

      heiku.staude - 2012-05-23 10:27

      Nobody rides for free.

      Fidel - 2012-05-23 11:01

      Felix and Sam are two scabby cheeks of the same putrid azzhole! @Heiku Chinese loans are not free but are done at better terms compared to IMF and World Bank loans.

      Gordon - 2012-05-23 11:04

      @Fidel, the concern is that we are only swapping one master for another, instead of avoiding the very problems written by Rev. Chikane. "The freedom and liberation of Africans includes the right to make decisions without being manipulated or dictated to by foreign powers, especially the former colonialists." Surely China is included as a foreign partner? If we are not already being dictated to by them, why was the Dalai Lama not allowed to enter SA? Doesn't this make them a foreign power dictating our rights and decisions?

      felix.feline.3 - 2012-05-23 11:41

      How is the weather in Beijing agent?

      jomardl - 2012-05-23 11:42

      @Fidel - Spot on, the Washington Consenus has not favoured the developing world in general.

      Fidel - 2012-05-23 12:19

      These Bretton Woods institutions were never meant to favour the developing world, especially Africans. They were formulated during the colonial era. The wolves were still high on the colonial system that they made sure that every aspect of their business order was biased in their favour. You should read, Richard Peet: Unholy Trinity: The IMF, World Bank and WTO. Few in this country (nevermind the donkeys on this thread) are aware of the way trade agreements, negotiated by stronger Western governments, tend to negatively impact African development. If you study GATT and other binding agreements African nations are required to sign in order to sit at the negotiating tables you start to see the problems (cotton subsidisation is a prime example).

  • hc12345 - 2012-05-23 10:19

    Just remember..China is a hard taskmaster....

      Andrew - 2012-05-23 10:44

      Perhaps Gwede needs to go and work in a Chinese factory and then lets hear what he has to say!!!!

      Alan - 2012-05-23 10:52

      Dont be silly - he is above work!

  • Issa - 2012-05-23 10:20

    Viva the secretary general Viva - he spoke as it is. Many cadre r un educated and the west is taking chances on us.

      nigel.burgess.52 - 2012-05-23 10:22

      The Chinese will be your new Colonials idiot.

      hanre.vanderwesthuizen - 2012-05-23 11:12

      Many cadre r un educated... I can only Imagine if you are struggling with the English, the Mandarin/Chinese is not going to work out any better for you, is it?

      kngoato - 2012-05-23 12:06

      than what r they doing in parliament?

  • vmeiring1 - 2012-05-23 10:20

    What a stupid comment??? Does the ANC really think they don't need the West. Wow, worst poverty will follow.

  • Don.Tandy - 2012-05-23 10:21

    "You are not... entitled to have your hand in the till..." - pity he doesn't preach/practice this with the mob of gangsters that are currently trying to run the country, run the parastatals, run the provinces, run the municipalities, etc. etc. etc. With daily exposing of more and more self-enriching practices in virtually every corner of public service, a bit more than a slap on the wrist is needed to bring it into check, but I believe we have gone past the point of no return and nothing short of a major upheaval is going to remedy it. I wonder if any of our fat, lazy public servants would be able to exist in regimes like exist in the other Brics nations - I doubt it, they would be expected to work, which is a strange concept to many of them. Mantashe - wake up and smell the reality.

  • paul.smit.5 - 2012-05-23 10:21

    Gwede you living in a dream! Sounds very much like a statement of Robert Mugabe sometime ago!

  • lownabester - 2012-05-23 10:22

    Gwede Mantashe!!!! I dont think they care, They can do with out us. We have become a burden on the West. You are a mamparra.

  • bongani.ndlovu.94 - 2012-05-23 10:23

    SA is going the same route as the other african countries and turning to another zim the leaders dont want to be told this is wrong their want everything their way

  • Sango - 2012-05-23 10:24

    ooh i like mantashe where he says its like taking a mouse from the bush and make it run a cheese factory. If they can realise that some of their members are not competent enough why are they puting the some people to different departments everytime there is elections. Have they ever thought of taking someone in a position because they can do the job. instant of puting someone because he was one of the freedom fighters in the 80's. Like trevor he is the best minister under the ANC that i can think of.

      Robinson - 2012-05-23 10:38

      well said Sango...I gues da cheese and mouse statement was inspired by x-convicts and criminals running the country....

  • duane.blignault - 2012-05-23 10:24

    Take a few trips into Africa, the Chinese use capital as a new form of imperial domination where colonialism has died - a soft and seemingly benign approach but which has the same outcome. The Chinese will fund countries to a point where they are so indebted that they can't stand on their own two feet and have no choice but to relinquish their natural and labour resources - it's time that Africans emancipate themselves from fiscal slavery, the only way to do this is to stop corruption and promote education.

      Ze Don - 2012-05-23 10:42

      So true! As the saying goes: There is no such thing as a free lunch. I think our biggest problem is that it's hard work to stand on your own two feet and do what's best for your country's future. It's far easier to take the easy money.

      Fidel - 2012-05-23 11:11

      What's interesting about Chinese conduct is that they have parked the sanctimonious and patronising codswallop mouthed by the West and white South Africans and offered improvements in basic services and infrastructure in return for access to raw materials. Unlike Westerners who just wanted to cart away raw materials, Chinese businesses are building industry locally. Refineries, chemical plants, plastics factories, garment shops, and all the way down to higher efficicency chicken farms and other agricultural projects. There is MASSIVE technology transfer to the Africans, all gratis. No claim of IP, no exorbitant royalties. What the Chinese are doing is TRADE, they are putting their money over the table and make an offer, instead of demanding Africa's riches over the barrel of a gun.

  • Themba - 2012-05-23 10:25

    It's only a matter of time before the East also realises what a bunch of thieves the anc are and also withdraw the funding

      DuToitCoetzee - 2012-05-23 11:12

      Themba, not before they mined all the minerals and some certain sands from SA's soil. --------------------------------------------------------------------- The only reason why one swap one for another is because you are stupid(also being a mouse from the bush) or you prefer your lenders/investors to keep a blind eye will you fill your fist in the till. I suggest he sort out all crime and corruption in SA. Increase production vs. time and than call the shots to ensure that ANY investor/lender act on good faith. SA can benefit from both if our own house is in order.

  • quintin.kleinhans - 2012-05-23 10:26

    Zimbabwe here we come!

  • Loo - 2012-05-23 10:27

    ALSO remember Dumbtashe that the west has hundreds of companies and individuals that have more money than South Africa's total GDP and or budget. So don't think South Africa can ever keep them to ransom. theres a saying in afrikaans " Don't K*K on your own doorstep "

  • Blip - 2012-05-23 10:27

    Newsflash for Gwede -- the West really doesn't need another beggar-nation either.

  • tshivhombelaf - 2012-05-23 10:27

    That is the worst political suicide ever.

  • James - 2012-05-23 10:28

    Investors be they from the East, the West and the North, look for attractive opportunities to make returns. Where are the attractive opportunities?

  • Alex - 2012-05-23 10:28


  • danny.levin.351 - 2012-05-23 10:30

    Gwede, you are the weakest link, goodbye! You EFFING MORON!!!! have you got any idea of how much revenue is generated (of which some you get to take home) by SA citizens dealing with the west??? Is this how you want to improve investor's confidence??

  • danny.levin.351 - 2012-05-23 10:32

    Gwede, are you referring to the same west that imposed sanctions on SA, gave your cronnies refuge and let themlive, study campaign on their soil? Is this the same west that SA is now spitting in their faces?

  • colin.dovey - 2012-05-23 10:32

    4,5% of South Africans pay 37,5% of the Tax...guess who Gwede?

      jomardl - 2012-05-23 11:25

      We'll have the same problems, or worse if we allow China to dictate to us but, if only 4,5% of South Africans pay 37,5% of the tax, wouldn't you say there's something seriously wrong with our economy? The more developing countries abide by the terms and economic advice given to them by especially the US, the more income inequality rises. Not just here, everywhere. China and Brazil are increasingly successful because they have to a great extent eschewed conventional neo-liberal economic policies in favour a strong local bias.

  • jomardl - 2012-05-23 10:33

    As with just about everything in life, this a very nuanced debate. Is China the saviour of the developing world? Doubtful. But on the other hand the Western 1st world powers have for decades pursued self-interested policies in the developing world, imposing free market ideologies onto countries that simply are not ready for them. The opposite of neo-liberal economic policies is not socialism or communism, as it's proponents like to make out. While, when Western countries themselves were growing their economies, they pursued the very same protectionist policies that they now seek to prevent developing countries from applying. This is the crux of what Mantashe is talking about when he says "they feel that you must stop thinking because they have money". I love western values but I don't think western economic policies in the developing world have had a sustainable positive impact here in Africa. I think we should give credit where credit is due instead of spouting derisive insults at anyone who dares level criticism at the West.

      Fidel - 2012-05-23 11:17

      As far as I can tell, no one is of the opinion that the Chinese are "the saviours of Africa. Is China’s presence in Africa bane or boon to the continent? Of course it is beneficial. Just the competition is now working to keep a lot of folks honest and they have to stop ripping off Africans. THAT is the real reason why there is so much complaint from the West. We Africans on the other hand say, “The more the merrier!! Bring cash!!”

      jomardl - 2012-05-23 11:31

      My point is that the people on the ground in developing countries are all getting "ripped off" by the unfettered free market. The powerful economies didn't get like that by allowing foreign capital to control them. We may do better in the long run if we accept less 'strings attached' investment.

  • andrew.mackie.90 - 2012-05-23 10:35

    And pigs can fly, if Mantashe is so upbeat on the ability to borrow from the BRIC nations, why is Gordhan appealing to the Concourt? Bear in mind the BRIC nations have their own development targets and rely heavily on the western world for their exports. India and China are also facing growth needs for their own populance who need housing, sanitation, electricity etc, are they really in a financial position to help RSA I dont think so! The mess created in South Africa was as a result of poor and weak governance with unchecked corruption and too many hand in the till for self enrichment. For starters all these highly paid cadres employed in government should have a huge salary degrade and be paid only in accordance with the contribution they make for the betterment of all citizens. Lazy fat cats in public service which is over staffed and over paid must be removed. In fact salaries should be based on performance based on what service they deliver and decided by the people who they are supposed to serve. Another poser do we need all the members of parliament presently enjoying untold benefits and contribute nothing but make up numbers due to proportional representation who do not serve the people but the party who put them in parliament. Until such time as the ANC takes a hard line on graft we the people will continue to live in poverty and disillusionment.

      Alan - 2012-05-23 10:53

      Pigs can fly. We saw that recently with the 3 jets to USA.

  • Harry - 2012-05-23 10:36

    The East is busy subsidizing the ANC's profligate socialism. In denying western investors, SA can kick the inefficiency uselessness bucket down the road for a bit longer.

  • ludlowdj - 2012-05-23 10:37

    Mantashe and the ANC seem to think that the people of this country will simply continue to give them lee way to learn enough to rule, bad news boys, although I cannot speak for everyone, I personally have had enough and will not rest until the ANC is nothing more than a bad memory of poor judgment being exercised by the masses. However if we as a country, remembering that governments come and go, but the countries are forever, are to progress or even repair the damage of the past we must as a matter of extreme urgency enforce a one strike your out policy. The ANC has a history of failure and poor decision making in every sphere from education, to law enforcement, which automatically disqualifies them from holding office. The DA is also walking a very thin line, and needs to up its game if it ever intends to be a viable opposition, the jury is still out on whether they can be entrusted to rule, as their toll road and land sale, not to mention the appearance of links to organised crime in the Cape. I don't care who rules, what color they are or their religious beliefs, just as long as they stop the runaway crime within government and rule in accordance with the dictates of the majority.

  • Kelvyn - 2012-05-23 10:38

    I love Gwede, I export so when statements like this are made the Rand falls, which means more investment in SA companies, Thank you Gwede for your feet first think later utterances I

  • connor.sember - 2012-05-23 10:39

    This pleases me, it's time we give the west the finger.

      Alan - 2012-05-23 10:54

      yeah - and bow to the Chinese whip.

      connor.sember - 2012-05-23 11:09

      And we aren't already? America is dooming us all, why continue to let the west push this country around? Costing us to maintain their standard of living?

      nigel.burgess.52 - 2012-05-23 11:46

      How is the West 'dooming us all'. Hell you people latch onto the craziest notions and then try to justify your clumsy opinion with even more crazy untruths. Grow up for heavens sake.

      Helen - 2012-05-23 12:30

      @conner - sell your clothes, your car, your house, your computer and maintain your standard of living if the west's standards are too high for you.