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Solly Moeng | First things first: We must be able to trust those running our SOEs

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Solly Moeng (Supplied)
Solly Moeng (Supplied)

According to copies that have been seen of the ANC’s economic reconstruction document, there are plans afoot to establish a state bank and a state-owned pharmaceutical company.

It is hoped that once in place, these two entities will help government decrease the price of medicines; and for the pharmaceutical company and for the state bank to enable the state to play a bigger interventionist role in the economy, specifically in mining, manufacturing, energy and other sectors.

No one on the political left can deny that all of these are noble aims. The only worry is that no one on the political left will admit that the state has a poor record in managing anything that involves a lot of money. It has, over time, squandered its credibility in this respect. We know how the story ends, and it's a major concern when the money involved belongs to someone else.

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