Government going ahead with state-owned bank, says Tito Mboweni

- | 8 months ago

The EFF’s has argued that the financial services sector is one of the biggest sectors in the economy, contributing about 20% to GDP, yet it remains the least transformed.

The party said that there was not a single bank in SA with  meaningful black ownership,  and banks had done little to improve the socioeconomic status of the majority of the population.  The EFF proposed that parliament legislate 51% state ownership.

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