Life’s watersheds are often missed at the time but, with hindsight, long remembered. We have reason to believe South Africa is going through such a moment – one aimed at resuscitating the Nation Building spirit of the Mandela era, providing substance to the ANC’s long-held claim that SA is home for all who live in it.
Also read:Â Alec Hogg: Revolutionary change on SA retirement funding will slow financial emigration
For a quarter century those governing the nation have grappled with how to treat its previously advantaged citizens. Unlike the historic European approach of simply expelling elites when locals regain control, post-1994 there was nowhere to send SA’s 5m whites. The vast majority of whom are committed citizens who, lest we forget, voted overwhelmingly in a Referendum to end Apartheid – and many with centuries- deep SA roots.
As democracy dawned, other African leaders warned the ANC to protect this inherited taxbase. However, ideology trumped economics. A raft of social engineering experiments and tolerance of racially-charged rhetoric made many skilled people uncomfortable in their transforming homeland. So hundreds of thousands emigrated, taking their income taxes with them.
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Also read: Alec Hogg: Following Warren Buffett’s credo on reputation does Lebashe proud
Emigration of skilled citizens is exactly what SA does NOT need. Breakthough regulation on retirement funds mentioned yesterday is evidence the penny has dropped. Less publicised is the imposition of a three year waiting limit before emigrating South Africans can access their retirement funds. The fingerprints of world-wise SARB governor Lesetja Kganyago (above) are evident. SA needs to stop exporting its tax base. Zuma’s lunatics have left the asylum. Intelligent governance is returning. A watershed indeed.
For your attention today…
WEBINAR ALERT…
Click on the graphic above to sign up for Tim Modise’s special webinar at noon today. And then on Friday, those dramatic changes opening up the world for retirement funds are in focus with Jackie Cameron. Join her at noon tomorrow with expert guests including Magnus Heystek. Register here: https://register.gotowebinar.com/register/6646694434270030861
And some advance warning to diarise Monday at noon for the first of our Great Debates in the weekly Rational Radio webinar. We’ll be looking at both sides of the Covid-19 story with PANDA’s Nick Hudson taking on SA/UK academic Prof Alan Whiteside. I’ll be moderating. Here’s the link to register: https://dashboard.gotowebinar.com/webinar/6730147365502274830
FOR DOWNLOADING…
* Please have a listen to my weekly Inside Investing podcast – if you haven’t heard it for a while you’re sure to notice subtle improvements. I’m excited about the way the product is developing – getting progressively better in typical BizNews disruptive style. Here’s the link to episode 10:Â https://iono.fm/e/958060
* If you’re considering affording your children a globally-recognised high school education from right here in Sunny SA, take time to watch the recording of Tuesday’s webinar on the subject: https://www.youtube.com/watch?v=k9BxHxF3cN0
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