No economic freedom in sight for blacks

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Twenty-two years on, black South Africans don’t control any industry. Mxolisi kaNkomonde breaks it down….

The average South African worker wakes up between 3am and 5am to take a bath using products produced by Proctor & Gamble and Unilever who control more than 70% of the market.
Wears clothes bought on credit where Truworths,Edcon,Foschini and Woolworths controls more than 80% of the retail apparel market.
Makes breakfast which will consist of various items produced by Pioneer Foods,Tiger Brands and Premier Foods all purchased from Shoprite, Pick nPay,Spar ,Woolworths and Massmart.
Takes a taxi or car or train to work and buys a newspaper from Naspers or Times Media since they control more than 70% of what South Africans read daily.
While at work a visit to a bank for extra cash where Barclays,Nedbank,FNB,Standard Bank and Capitec control more than 80% of the market.
Get back home to relax and switches on a Naspers decoder to watch the news or entertainment on channels owned by SABC, Naspers, eTV and TNA.
Since Blacks only control 0.6% of listed firms in South Africa according to a report by Who Owns Whom in 2015, it means that 91% of the population in SA have not escaped apartheid besides the Whites Only signs which were in public spaces and human settlements.
South Africa has an estimated 40000 commercial farmers where 5% of those farmers produce 70% of the food since the “Green Revolution” has pushed more than 20000 farmers out of the market and more than 90% of these farmers are White according to PLAAS.
South Africa’s economic backbone is the mining industry where AngloPlatinum controls nearly 40% of refined platinum in South Africa and almost 30% of global output.The other major minerals exported by SA are controlled by a few mining corporations such as Kumba Iron Ore which accounts for 80% of iron ore exports.
South Africa’s economy is no different to a Communist country with state cartels but in South Africa’s case the state cartels were dismantled during the final years of apartheid and the early years of non-racial democracy to form private cartels owned and controlled by a few white men.
An economic update by the World Bank in February 2016 on South Africa came to this conclusion: “The breaking-up of the cartels in basic food products that colluded to artificially raise the retail prices of these essential goods are a powerful example of how competition policy can alleviate poverty and ensure that cash grants provided to the poor by the budget stretch further and result in improved living standards” – Catriona Purfield, World Bank programme leader

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