S. African Pensions Seen at Risk If State Forces Investments
A plan mooted by South Africa’s ruling African National Congress to force retirement funds into investing in specific state-owned companies or government projects could leave pensioners poorer.
The ANC in its election manifesto earlier this year said it would investigate using prescribed assets to help foster inclusive economic growth, fund social improvements and diversify the finance industry. A lack of detail as to how this could materialize since it was accepted at the party’s policy conference in 2017 has stoked concerns that this could mean forced investments to prop up the country’s cash-strapped state-owned companies.
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