Nzimande calls for economic intervention

Blade Nzimande is calling for Govt. to intervene in the economy and direct the private sector.

Higher Education and Training Minister Blade Nzimande. Picture: GCIS

RICHARDS BAY - Government must intervene in the economy and force financial institutions to direct pension funds to development projects, South African Communist Party (SACP) General Secretary Blade Nzimande said on Thursday.

Nzimande told the SACP conference in the University of Zululand near Richards Bay that government can longer just be a referee and must actually direct the private sector.

He said pension funds must be used to develop the country.

"The trillions of rand that is in the hands of the financial sector in this country, must not only fund investment into profit making exercises, but must also find investment into job creating infrastructure.

Nzimande said the SACP is growing and becoming increasingly influential.

Earlier, SACP Chairman Gwede Mantashe announced his decision to step down from his position.

Mantashe said it was a "disaster" to hold the job as well as the position of ANC secretary-general.

"For a person to be an absentee chairperson to the party is a disservice to the party. We must resist the temptation that when we go to Mangaung as communists, we behave as if there is no ANC."

The comments appeared to confirm Mantashe's plan to stay on in his ANC job.