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'Colour of monopoly capital doesn't matter, it's against what ANC stands for'

Nathi Mthethwa heads up the party’s strategy & tactics sub-committee and was briefing the media on the committee's proposals which will come before the ANC’s national conference.

 Nathi Mthethwa briefing the media on the ANC's party’s strategy and tactics sub-committee's proposals which will come before the ANC’s national conference on Thursday 14 December 2017. Picture: @MYANC/Twitter

JOHANNESBURG - Senior African National Congress (ANC) member Nathi Mthethwa says the colour of monopoly capital doesn’t matter and that if monopolies were black-owned, they would still be against what the ANC stands for.

Mthethwa heads up the party’s strategy and tactics sub-committee and was briefing the media on the committee's proposals which will come before the ANC’s national conference.

The South African Communist Party first referred to white monopoly capital a decade ago, but then became part of a propaganda war driven by the United Kingdom firm Bell Pottinger on behalf of the Gupta family.

Colonialism and apartheid excluded the majority of people from the mainstream economy for centuries and most of the country’s wealth is still concentrated in white hands.

Transforming the economy tops the ANC’s agenda, but, for a party ostensibly committed to uniting South Africans across the fault lines of race, class and gender, the term white monopoly capital is problematic.

Mthethwa says when it comes to monopoly capital, it doesn’t matter what the colour. Whether black or white - he says the concept itself is an antithesis of what the movement stands for.

Mthethwa says the ANC decided at its last national conference in Mangaung, five years ago, that it should focus on radical social and economic transformation – emphasising that the idea is party policy and not a notion cooked up by a few individuals.