LETTER | STATE POLICIES LIMIT GROWTH
- BEE NEWS
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Ian Ferguson | 2 March 2026
Peter Attard Montalto’s most recent column refers (“After the budget delivery is up to line departments”, February 25).
Our state does not do “long, hard slogs”, or if it does it is usually to double down on irrational, racial and ideologically damaging economic policies.
One example is the Mining Charter, which blocks any foreign direct investment into new mining, the sector that is responsible for the present windfall in tax revenue.
Due to the Employment Equity Act we in effect severely limit our human capital and human capital development, so there are very few people who are even capable of doing the “long, hard slog”.
This is all before we even consider the huge opportunity cost of BEE, especially in underserved poor communities, Starlink being but one example of shooting ourselves in the foot. Breaking out of the 1%-2% growth trap will not be achieved by a “long, hard slog”, it will only be done once we move on from using the past to justify racial retribution and black nationalism.
We need to get to a place where all South Africans (and foreign investors) have equal opportunity to invest and contribute unhindered by state over-reach and self-defeating legislation.
For economic growth it matters not who owns the means of production (which our state is fixated on), but that investors are willing to put up their hard-earned money for a fair return, which legislation clearly does not encourage.
Get this right and the “long, hard slog” may add value.
‘Disclaimer - The views and opinions expressed in this article are those of the author(s) and not necessarily those of the BEE CHAMBER’.