Africa needs to take white capital head on
Jacob Zuma, the South African president is not an angel and has done a lot of dirty stuff in the short space of time in ofﬁ ce. While there is no doubt that the cabinet reshufﬂ e he did last week could have been triggered by selﬁ sh desires, it should also be pointed out that those whom he removed are not in any way better.
South Africa is at a crossroad at this point in time and with Zuma and those pushing for white capital ﬁ ghting for the soul of that country; the region is likely to be affected. The importance of South Africa cannot be underplayed not only by Namibia regarding Sacu or many other trade agreements but the entire region.
This should call for a closing of ranks so that for once and all; white capital has been confronted head-on. This is also the time Africa must forget the rating agencies that seem to be pushing for the sustenance of white capital at the expense of emerging black businesses.
Some might argue that black businesses have not been done anything apart from guzzling state funds and doing shoddy work, but fact remains that there is need to still protect such businesses for the simple reason that not all black businesses mess up. The ﬁght ongoing in South Africa is a continuation of several efforts by white capital to still have a stranglehold on African economies. South Africa’s economy is the biggest at the moment and white capital cannot just sit and watch while their interests are being attacked.
This explains why S&P rating agency was so quick to declare junk status for the South African economy a day after the cabinet reshufﬂ e. There are so many questions that come with S&P’s decision especially that this is the same agency that was ﬁ ned for falsifying mortgage ratings that caused the 2008 world economic crisis. It was not only S&P but Moody’s and Fitch too were ﬁ ned for their roles in causing untold suffering on economies across the world.
While we should rely on such agencies, Africa needs to do so with both eyes open because of late the role of such agencies has been to cause alarm and despondency and to keep away investors. A look at some of the people who spoke out loudly against what Zuma did shows that they too are in bed with white capital.
Cyril Ramaphosa for example was involved in Lonmin’s Marikana disasters that resulted in the massacre of more than 30 miners in 2012. He is one man who does not have moral high ground to talk about Zuma’s move but again any team leader chooses players he trusts and can rely on. Of what use will it be for any leader to pick people who will undermine him and his goals?