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ANC must remember poor, unemployed people vote and not markets: Fick

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Poor people who always end up depending on government grants to survive in the midst of growing unemployment are the people who vote and not the corporates. This is something, according to Political Analyst Angelo Fick, the African National Congress (ANC) needs to think carefully about.

The party elected the leadership that will be in charge for the next five years, news that has been well-received by the market.

The rand, banking stocks and local sovereign bonds made gains after Ramaphosa’s win. The rand is trading at R17.22 to the US dollar; R21.04 to the Pound sterling; R18.30 to the euro; and R11.58 to the Australian dollar. The euro is trading at one dollar, and the dollar is at 136.08 Japanese yen.

Fick says the markets have their own interests which are different to those of the people.

“…and there’s often a conflation of the two, as if what capitalist corporations are likely to benefit automatically results in benefit to the millions of South Africans and we know this isn’t the case,” says Fick.

He says the democratisation of the economy is essential.

“We cannot have an increase or the sustenance of the current levels wealth as well as income inequality and South Africa measures the highest in equality in those two categories on the planet and that does indeed need to change.”

In the wake of the release of the controversial Phala Phala report, which found that President Cyril Ramaphosa may have violated his oath of his office among other issues, economist warned that forcing the president into resigning or impeaching him, could upset the markets.

Fick says that means the people who control the economy control the society.

“That’s unacceptable. You cannot pretend that you live in a democracy when the people who make the real decisions are the people who own corporations, trade and market. We continue to have this idea that what the market wants and determines is what’s good for everyone. That line doesn’t hold. It’s mere propaganda.”

He says if the leaders are accountable firstly to the market citizens should not pretend to leave in a democracy.

Commentators have previously said the ANC, which has shown to be losing support, will face one of its toughest tests at the polls in 2024 and today, Minister in the Presidency, Mondli Gungubele suggested the newly-elected leadership was a victory against poverty and unemployment.

However, Fick says a lot will still depend on many other factors before 2024.

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