The EFF government will strive for South Africa’s economic sovereignty premised on inward industrialisation with export capacity, the protection and promotion of the labour-absorptive manufacturing sectors and the provision of quality jobs to all people who need employment.
The EFF government will strive for a South African economic outlook where the state owns strategic sectors of the economy, and where the ownership and control of the non-state-owned sectors reflects the demographics of South Africa.
The EFF government will de-commodify basic needs such as education and health so that such services are driven by the needs of the people and not by profit maximisation.
The EFF government will amend the legislation that governs the stock markets to introduce a minimum number of women, youth and workers as owners and beneficiaries of all listed companies.
The EFF government will introduce laws that compel huge corporations to directly contribute to the construction of schools, hospitals and other important social development projects and programmes.
The EFF government will drive for regional and continental economic integration in a manner that will qualitatively and quantitatively expand economic activities and intra-trade in South Africa, the SADC and the African continent.
The EFF government will use state and state entity procurement to stimulate local productive economic expansion and development.
The EFF government will deliberately pursue a strategy of economic decentralisation by promoting, protecting and supporting industrial activities, particularly manufacturing activities, in areas that currently do not have significant industrial and manufacturing capacity and activities.
Under the EFF government, the economy will grow at 6% in the first two years and 10% in the remaining three years. To achieve this growth, the EFF government will take the following key steps: • Stabilise energy supply, particularly electricity supply, through the qualitative and quantitative expansion of Eskom’s capacity to provide environmentally friendly electricity from coal, nuclear and renewable sources. • Stabilise water supply through the construction of dams, water treatment plants and massive investment in the conversion of seawater into usable water for industrial and household usage. • Bring maximum stability to all state-owned companies. • Introduce legislation compelling all asset managers to place a minimum of 30% of their investments in the productive economy and not speculative markets. • Enforce the investment of a minimum of 40% of all state-guaranteed pension funds, including those of local municipalities and state-owned entities, in the productive economy and infrastructure. • Compel development financial institutions (DFIs) to finance, incubate and promote a minimum of 30 000 SMMEs with less stringent requirements and joint accounts. This will be supported through the increased allocation of funds to DFIs. • Enforce the domestic beneficiation of a minimum of 50% of natural resources extracted in South Africa. • Pursue gradual import substitution through the creation and support of domestically owned retail outlets and spaces. • Create multiple state-owned banks in various sectors. • Declare tax-free zones for industries on condition that each company employs 2 000 workers on a full-time basis, pays minimum wages and contributes to workers’ pensions. • Protect infant industries. • Protect and promote informal traders. • Expand the ocean economy, particularly transforming marine manufacturing and transportation, gas and oil exploration, and aquaculture. • Build a new railway system to support industrialisation. • Expand SOEs to provide services to other African countries.