On Wednesday Finance Minister Tito Mboweni is expected to shed light on statements made in the State of the Nation Address around the creation of a sovereign wealth fund and the establishment of a state-owned bank.
President Cyril Ramaphosa announced that government has 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”.
According to the international Sovereign Wealth Fund Institute, a sovereign wealth fund (SWF) is a state-owned investment fund or entity that is commonly established from the balance of payments surpluses, official foreign currency operations, the proceeds of privatisations, or fiscal surpluses.
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