ANC calls for mobilising workers’ capital to support economic transformation

MIDRAND – The African National Congress (ANC) said it was time to unleash the power of workers’ capital through their pension fund assets to realise radical economic transformation.Speaking at the Black Business Council’s annual summit in Midrand on Thursday, the party’s spokesperson Pule Mabe told delegates that in the absence of supportive commercial banks, other alternatives must be found.Mabe has suggested that pension funds should be targeted for small to medium business funding and investment in developmental projects.“There’s an urgent need for us to look at the role of pension funds, or more broadly, the savings industry. In particular, the financial inclusion and expanding access to funding opportunities and other developmental projects. It’s time for us to mobilise and unleash the power of worker capital to support radical socio-economic transformation and inclusive growth.”The party has also welcomed Cosatu’s push for the Public Investment Corporation to invest R250 billion through bonds and equity to revive Eskom.Source: EWN

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