PLEASE NOTE:

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

 
Thulane Che Trosky
 
Comments: 2
Article views: 271
 
 
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
Godless Heathen
If you can read you can learn.

Because I grew up without pocket money I know just how important money is. Read more...

1 comments 199 views
The Relevance of Education

Why can’t the government at least learn from Mr Musk and apply some of the methods to the education system. Read more...

0 comments 124 views
Submitted by
CommonSense
I wish I could also have FREE...

You are unemployed because you are unemployable... Read more...

11 comments 539 views
Submitted by
woadstress
Day Dreaming

Remember those days as a child when the world was filled with possibility? Read more...

0 comments 164 views
CSA in a Wristy spin?

Claude Henderson and Paul Adams were asked to give their reasons on why SA seemingly had no spinners that could play the role that spinning duo Muttiah Muralitharan and Shane Warne played for their respective cricket teams.  Read more...

7 comments 444 views
Submitted by
Fired up
Military Drills Increase Globally...

Joint and individual military exercise drills have proliferated across the globe over the past couple of months with no sign of these occurrences abating, if anything it appears as full steam ahead.  Read more...

30 comments 14816 views
 

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.

News24 on Android Get the latest from News24 on your Android device.

SMS Alerts Get breaking news stories via SMS.

Blogs Your opinion on you, me and everyone.

 
Interactive Advertising Bureau
 
© 2015 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.