Deepening Democracy through Access to Information
Home / News / South African News RSS ← Back
Pretoria|Africa|Allan Gray|Building|Cash Paymaster Services|Financial|SECURITY|Africa|South Africa|National Treasury Building|Services|Social Security Network|Allan Gray|Jacob Mamabolo

Email this article

separate emails by commas, maximum limit of 4 addresses

Verification Image. Please refresh the page if you cannot see this image.

Sponsored by


Article Enquiry

Senseless to transform a junk economy – SACP

Verification Image. Please refresh the page if you cannot see this image.

Embed Video


Senseless to transform a junk economy – SACP

21st April 2017

By: African News Agency


Font size: -+

Instead of preaching the gospel of the much punted radical economic transformation, the national discourse across South Africa should currently be on turning around the fortunes of the economy which was experiencing a downward spiral, the South African Communist Party (SACP) in Gauteng said on Friday.

“Of all the issues we believe, the very first step for a radical economic transformation is to defend the sound, strong financial institutions of our country. Any radical economic transformation of a junk economy will not make sense. It will not help the poor,” SACP Gauteng Secretary Jacob Mamabolo told reporters during a picket at the National Treasury in Pretoria central.


“We don’t want to radically transform a junk economy. That will not make any sense. We believe South Africans must take active interest in anything that could degenerate our country. The Guptas have got options, they can move their investments overseas. The monoplies and all other sections of monopolistic capital have alternatives. By the pressing of a button they can move their investments somewhere. Where will the poor people go when this country is finally junk?”

Mamabolo implored all sections of the South African community to “rise” against the economic downward spiral.


“No one is safe. That is why we are saying to people, rise and stand up now to make sure that this country is not junk. The rule of law must prevail, our governance must be sound, and we must make sure that we don’t play with the economy of this country particularly using populism and cheap statements,” said Mamabolo.

“The whole alliance has raised issues about the direction our country is taking. There is massive evidence that indicates that it is indeed important that as a country, as a nation and a people we become patriotic in the sense that we must defend our national sovereignty against this country being declared yet another failed African state.”

Mamabolo led scores of SACP supporters, dancing and singing outside the National Treasury building which was tightly guarded by police officers. He said among other demands, the picketers were protesting against rampant corruption, state capture and the abuse of parastatals for private gain.

“We are also picketing against activities of monopolistic capital such as [investments management entity] Allan Gray and CPS [Cash Paymaster Services] that are also targeting the social security network which is really the source of life for pensioners, child-headed households, people with disability, and we are here to ensure that it should never ever again happen in our country that the vulnerable and the most marginalised citizens of our community are put in a panic mode about whether they will get their social grants or not,” he said.

Mamabolo said despite the SACP picket on Friday, National Treasury officials had been instructed not to receive their memorandum of demands.

“This is a picket we will continue to conduct every now and then. We have only decided on a picket because we are aware that they [Treasury] does not want the Communist Part here. That is why they have decided they will not receive a memorandum from us. They have instructed every official that no one must come close to the SACP,” he said.

“We know why they are scared. It is because we always tell the truth even if it hurts. We will not be handing over any memorandum. We are not worried about whether they snub us or not. We are here …. We will be here in May, in July and until April next year. Whether they come to receive our memorandum or not, they can see and hear our message through our posters. We don’t even trust they would address our memorandum properly.”


To subscribe email or click here
To advertise email or click here

Comment Guidelines

About is a product of Creamer Media.

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more


We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store


Advertising on is an effective way to build and consolidate a company's profile among clients and prospective clients. Email

View options
Free daily email newsletter Register Now