The uMkhonto weSizwe (MK) party seeks to force the listing of major SA companies on the JSE as part of an overhaul of the country’s financial sector as outlined in its manifesto.
More than 20 companies were delisted in 2022 for reasons that included M&A,especially among small and medium caps. Departures included Mediclinic, Distell, Massmart, PSG Group and Clover.
The JSE has simultaneously embarked on a plan to rewrite its listing requirements and cut the red tape that has made it unattractive for local and offshore companies.
The proposal by the newly formed party, which is led by former president Jacob Zuma, does not detail how it would compel companies to list on the bourse neither does it name the companies under consideration.
Capital flight has hindered local industrial development and technological upgrading, the manifesto reads.
“Large dividend and interest payments are made to foreigners, especially since large SA mining companies are listed in London,” it states.
Other proposals contained in the MK manifesto include nationalising the country’s natural resources, nationalising the SA Reserve Bank and repealing Eskom’s alternative energy agreements with independent power producers.
MK, which burst onto the political scene in December after Zuma announced its support for the party instead of the ANC, has so far relied on mini rallies and door-to-door campaigns to garner support ahead of the May 29 polls.
The party’s manifesto, which was released on its website on Friday, provides a clearer picture of MK’s policies beyond the utterances of the former president during public rallies.
The party recently won a major victory at the Electoral Court which upheld a move to place Zuma as its top candidate to parliament, paving the way for the former president to possibly return to the union buildings.
Zuma’s candidacy is being challenged by the Electoral Commission SA (IEC) in the Constitutional Court with the IEC saying this was to ensure that there were no objections to the outcomes of the polls — particularly whether the elections were conducted in a free and fair manner.
The IEC applied to the Constitutional Court last week for an order to declare that Zuma had been convicted of an offence and sentenced to more than 12 months’ imprisonment and was accordingly not eligible to be a member of and not qualified to stand for election to the National Assembly until five years had elapsed since the completion of his sentence.
MK is expected to make major inroads in KwaZulu-Natal, Zuma’s home province and the area where it has centralised its campaign. The newcomer fishes from a similar voting pool as the ANC, which is facing its toughest elections with various polls estimating that its share of the vote will decline to below 50% forcing it to go into coalitions with smaller opposition parties.
The party aims to create 5-million jobs in five years by focusing on sectors such as mining, agriculture, re-industrialisation, tourism and infrastructure development.
It also promises to introduce a basic income grant of R1,558, increase the child support grant to R760 (now at R530), and increase the old age pension and disability grant to R4,500 (now at R2,180).
maekot@businesslive.co.za
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.