PLEASE NOTE:

MyNews24 is a user-generated section of News24.com. The stories here come from users.

 
Thulane Che Trosky
 
Comments: 2
Article views: 247
 
 
Latest Badges:

 
View all Thulane Che Trosky's badges.
 

Government seems determined to scare off investment in South Africa.

26 June 2014, 09:17

Government seems determined to scare off investment in South Africa.

There was a bit of good news last week amid all the economic gloom and doom  and concerns about the lack of policy certainty under President Jacob Zuma’s mew administration.

The new minister of mineral resources, Ngoaka Ramatlhodi, announced that he has asked the president to delay in signing the Minerals and Petroleum resources Development Act Amendment Bill.

Ramatlhodi apparently has a number of worries about the bill, including that it might not pass constitutional muster because it was not processed correctly when it was rushed through the legislature of ahead of the May 7th elections.

Even more critical, however seems to be the belated realization that, if enacted, it would scare off investors in the potentially massively lucrative oil and gas sector, this is because the ANC has used its majority to increase the state’s proposed ‘free-carry’ interest in future oil and gas projects from 20% to 100%. The upshot of this iniquitous (wicked, evil, sinful, immoral, bad, unfair) provision is that investors could pump billions into the project only to see it taken over wholesale by the state. The result: little or no investment would happen – despite Zuma’s repeated assurances that fracking in the Karoo, could be a ‘game changer’ for our suffering economy.

Since he took over the reins at Mineral Resources, Ramatlhodi has been a breath of fresh air, injecting new urgency into attempts to resolve the devastating platinum strike of which his predecessor was little more than a spectator.

It is to be hoped that some of the minister’s pragmatism (practicality, expedience, common sense, and uncomplicatedness) rubs off on his cabinet colleagues.

The Security Bill, which is also waiting for Zuma’s signature, is a case in point. An attempt to force foreign owned security firms to cede 51% of their ownership to South Africans, could expose the country to economic sanctions and result in large-scale job losses and rocketing security costs.

A radical proposal to strip farmers of 50% of their land in favour of farm workers will also set the alarm bells ringing.

If it really wants to boost investment and create jobs, the government must think hard about it again… 

Disclaimer: All articles and letters published on MyNews24 have been independently written by members of News24's community. The views of users published on News24 are therefore their own and do not necessarily represent the views of News24. News24 editors also reserve the right to edit or delete any and all comments received.
 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
2 comments
Add your comment
Comment 0 characters remaining

Read more from our Users

Submitted by
ProJusticio
South Africa is in very grave dan...

If the ANC and the EFF get a two-thirds majority needed to tear up the Constitution that will be the beginning of the end for SA. Read more...

10 comments 442 views
Submitted by
Dr. G. Dharmaraja
NUMSA launching the left party

NUMSA has been expected to fulfill the longstanding dream of South Africa’s toiling masses: a new movement for socialism.  Read more...

3 comments 352 views
Submitted by
Trevor McArthur
In defence of the opposition to s...

To the security cluster ministers: It is not the EFF that is posing a threat to national security but yourselves! Read more...

4 comments 213 views
Submitted by
Inspired Parenting
Parenting Leaders

A new law is being drafted in SA to stop parents smacking their children. This is extremely good news. Read more...

15 comments 239 views
Submitted by
JohnDough
Denied access to your children?

I understand that each and every divorce case is different, but the denial of access and withholding of maintenance are way too often used as weapons.  Read more...

7 comments 363 views
Submitted by
lizeka.maduna
Vagrants took to the streets

Scores of Vagrants took to the streets in Durban on Friday. Durban whoonga addicts paraded down West Street to the Durban City hall to hand over a memorandum to eThekwini mayor James Nxumalo.  Read more...

6 comments 435 views

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Up to 40% off fashion accessories

Save up to 40% on selected handbags, purses, watches, jewellery and more. Offer valid while stocks last. Shop now!

Save up to R2000 on top electronics

Get every day mind bowing savings on top electronics. Offer valid while stocks last. Shop now!

As seen on TV - New book releases at only R199 each

Get mind blowing book savings on new titles. Offer valid while stocks last. Shop now!

Save up to 50% on Women’s month treats!

Celebrate the awesome women in your life with awesome treats like beauty products, fashion accessories, bestselling books, electronics and more. Offer valid while stocks last. Shop now!

Up to 60% off - clearance sale!

Save up to 60% on appliances, books, electronics, toys, movies and more. Offer valid while stocks last. Shop now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

 

services

E-mail Alerts The latest headlines in your inbox

RSS feeds News delivered really simply.

Mobile News24 on your mobile or PDA

E-mail Newsletters You choose what you want

News24 on your iPhone Get News24 headlines on your iPhone.

SMS Alerts Get breaking news stories via SMS.

Blogs Your opinion on you, me and everyone.

Calais Website keywords automated by OpenCalais.

 
Interactive Advertising Bureau
 
© 2014 24.com. All rights reserved.
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.