White People Still Own and Manage South Africa

A decade after apartheid white people, who make up 10% of the population, still own and manage most of the country's assets and big companies. With mining and financial corporations backing the empowerment laws, barely a week passes without a company handing shares and directorships to black people. The pace will quicken in the coming months as all sectors of the economy, from tourism and transport to healthcare and information technology, implement their transformation strategies. Last year there were 189 empowerment agreements worth £3.6bn. A code of conduct to be published soon should increase the number, the trade and industry minister, Mandisi Mpahlwa, said. But critics say the juiciest deals keep going to the same people, invariably men with ANC connections. The most cited are Cyril Ramaphosa, Patrice Motsepe, Tokyo Sexwale and Saki Macozoma. [more ]