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South Africa: Economic Policy and Development on richardknight.com

This document was produced for Shared Interest, a U.S. not for profit social investment fund guaranteeing South African bank loans to community development financial institutions engaged in South Africa's reconstruction process.  Shared Interest and its Swiss associate RAFAD have established the Thambani International Guarantee Fund in South Africa, which strengthens grassroots organizations and enables them to provide affordable credit for small business and social housing in South Africa's low income communities.  Visit www.sharedinterest.org for more information.

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Shared Interest

South Africa: Economic Policy and Development

Complied by Richard Knight, July 2001

"The need to create employment and a better life for our people is the central objective of the economic policy of this government. The Reconstruction and Development Program (RDP) remains the basic policy framework to achieve this objective.  The Growth, Employment and Redistribution (GEAR) program is the associated macroeconomic strategy used.  At the beginning of this year the President announced an Action Plan to Accelerate Growth.  This action plan marked an increased emphasis on macroeconomic reform to further increase investment…"

Alec Erwin, Minister of Trade and Industry, May 2001

"In contrast to this political progress, in socio-economic terms the legacy of apartheid remains entrenched and, with the massive loss of jobs in the past decade, even appears to be worsening.  Wealth is still concentrated in a white minority. The nature of capital remains largely the same - concentrated in the mining-finance complex, which continue to dominate the commanding heights of the South African economy.  Serious inequalities persist, with signs of worsening particularly among the formerly oppressed.  The number of people living in poverty is staggering.  Almost half...