SA to get sovereign wealth fund, state bank
President Cyril Ramaphosa confirmed in his State of the Nation speech on Thursday that the government is set to establish a sovereign wealth fund together with a new state bank.
Both proposals have been punted by the ANC over several years and have support from opposition parties such as the EFF, which saw its own proposal to nationalise commercial banks being shot down in Parliament in 2017.
The sovereign wealth fund and state bank plans have, however, also had their detractors, including the DA.
Read: Ramaphosa proposes new sovereign wealth fund – party officials
“We have decided to establish a sovereign wealth fund as a means to preserve and grow the national endowment of our nation, giving practical meaning to the injunction that the people shall share in the country’s wealth,” Ramaphosa said.
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