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Vol 53 No 6

Published 16th March 2012


South Africa

How to buy growth – for $100 billion

Both trades unions and business question the accountability of the government’s huge public spending programme, which would invest 850 billion rand (US$112 bn.) in power generation, transport and telecommunications over the next three years, plus more than R400 bn. for six new nuclear power stations by 2030

The announcement of these grandiose schemes in Parliament last month coincides with leadership contests within the governing African National Congress, which will choose its presidential candidate at its conference in Mangaung in December. Critics claim that wealthy ANC supporters will be promised state contracts in return for political and financial backing.Amid the global economic slowdown, the government aims to double the current average growth rate of about 3.5 % a year and create 5 million new jobs by 2020.

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