Tito Mboweni trends for expressing his ‘EFF ideas’

A series of tweets from the first black Reserve Bank governor in democratic South Africa, Tito Mboweni, trended on Twitter on Saturday after Mboweni’s call for the greater socialisation of capital.

The ANC and others from the former liberation movement have long referred to the National Democratic Revolution (NDR) in South Africa when discussing steps to create greater equality and reverse centuries of oppression in the country.

For critics, not enough has been done.

Mboweni let rip on Twitter, however, asking: “What is so difficult?”

He typed up a short prayer asking for leaders to open their eyes and ears and “do four things”.

“The State must own 40% of mining companies, start a State Bank, implement appropriate Land Use Planning and Create a Sovereign Wealth Fund. That is Radical Economic Transformation!!”

Other African countries such as Botswana see the state having a direct stake in mining firms while Norway has the world’s biggest sovereign wealth fund into which much of the profits from its oil industry are invested and diversified. Towards the end of last year, the value of that fund crossed the $1 trillion mark.

There have long been calls from others, such as the Economic Freedom Fighters, to create a state bank. The EFF wants to nationalise all mining, however, as well as all land, which is more extreme than Mboweni’s suggestion.

Mboweni explained that, to his mind, appropriate land use planning would involve demarcating land clearly for “housing, agriculture, grazing, forestry, tourism, leisure, schooling, hospitals, etc. Now, before people do their own will.” He added that the most urgent task in this respect would be to “allocate land immediately for residential purposes. Urgent. Really URGENT!!”

This policy also echoes the EFF call for all state land to be state-owned or controlled.

Many of the responses he received to his tweets have accused him of thinking like the EFF or even being part of them. Others have praised him for the exact same thing.

Thanks for acknowledging that EFF is leading you Mr governor

— Yingwani Holeni (@Jon_Madonoro) April 28, 2018

https://twitter.com/GertvanGreuning/status/990385475071471616

You're fighter chief. Mama give you a signal 📡#EFF things right
Woza Superior Logic of @EFFSouthAfrica
Economic Freedom in our life time ✊✊

— Nkwe (@NkweMashamaite) April 28, 2018

Since leaving the Reserve Bank Mboweni, a Tzaneen native, has been living a relatively quiet life as a farmer in Limpopo. He was a Brics Bank board member until last year, when his contract was not renewed. He also ruled himself out as a contender for a cabinet minister position under new president Cyril Ramaphosa.

Sunset from the Long Tom site, Haenertsburg today. Come to Limpopo!! pic.twitter.com/OW20KxVZDh

— Tito Mboweni (@tito_mboweni) April 28, 2018

He came to prominence again last year when the controversial CIEX Report, which dealt in part with the recovery of bailout funds paid to Bankorp during the apartheid-era, became the subject of a Public Protector report, which he angrily dismissed.

Rapper Cassper Nyovest also named a song after him.

His suggestions on Saturday were praised by some of his followers, while many others criticised him. One told him he didn’t “have a clue” because the government couldn’t run the existing parastatals under its control.

Take a look at some responses below:

Yeah, what money will flow to that fund and what will be done with it? bankroll SAA and Eskom? We already do that as taxpayers.

— Richard Spoor (@Richard_Spoor) April 28, 2018

If there was a state bank my money wouldn’t be anywhere near it.

— Change (@Asequential) April 28, 2018

Tito. You don’t have a clue.
This government can’t run SAA or ESKOM or SABC. The last black Owned mine couldn’t pay its workers and I think a Zuma stripped the mine of all assets to buy alcohol.
The ANC can’t run anything. Maybe you can get a job with the DA government

— Xolani Dlamini (@XolaniD58950656) April 29, 2018

Mr Mboweni. As a South African I have lived in Asia for nearly 20 years. Communism only work on paper Sir. Remember you won’t be allowed to have a Twitter account. Everything will be controlled by government. Your thoughts, religion etc. Think carefully Sir.

— Lemon Peace (@nicorien) April 29, 2018

Add these to your reading list and you can thank me later.
1) Basic Economics – Thomas Sowell
2) How Asia Works – Joe Studwell
3) Politics And The English Language – George Orwell

— Michael Seeger (@MichaelSeeger62) April 28, 2018

https://twitter.com/CameronMacKenz2/status/990169202240753664

One user jokingly told him: “Welcome to the EFF.”

https://twitter.com/nickpotgieter/status/990303668468674565

Really it is only lazy people who think that wealth is from state The state is not made 2 make business but 2 regulate society not 2 sell tomatoes & avocados Wealth is by doing business. Look at Bill Gate,Steve Jobs, they can inspire young intelligent SA

— Abdul Joshua (@ArmandJoshua) April 28, 2018

I thought PIC is equivalent to the Sovereign Wealth Fund? 🤔

— Sicelo Nkosi (@SiceloNkosi) April 28, 2018

You mean make politicians billionaires? our government has failed to manage its basic resources putting such responsibility on them would be economical suicide .! pic.twitter.com/1MmanwQgKj

— Duchess of Love (@Lewatlele) April 28, 2018

Tragic !! Former Gov. of Reserve Bank trashing laws of economics, i.e. free & fair competition for excellence of goods & services at competitive prices on open markets allowing freedom of choice in supply & demand. @IrajAbedian @AzarJammine @mikeschussler

— Siegfried Hannig (@SigRandburg) April 28, 2018

Goverment already own a huge part of companies through the very high taxes that they pay. And the poor taxpayer in RSA are of the highest taxed in the world.

— Juba 🇿🇦🇳🇦#PutSouthAfricaFirst (@riekvdm) April 28, 2018

Uhm i dunno if thats gr8 idea considering how loosely our money finds its way where it shouldn't

— Nizam Rangraje (@NizamRangraje) April 28, 2018