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Don’t try to dictate how savings are used, investors’ body tells ANC

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Association for Savings and Investment SA says R2.5-trillion in foreign capital invested in SA equities could flow out of the country if prescription were imposed

Properly prepared development projects — such as the renewable energy programme — will easily attract investment, Asisa saysSA’s R2.4-trillion savings industry has a request for the governing party: stop with threats of dictating where funds must invest and get going on projects that pensions can help finance.

President Cyril Ramaphosa last month echoed the election manifesto of the ANC, saying a discussion was required to investigate the use of prescribed assets as a tool for fostering economic growth. “If it’s funding for developmental projects SA is after, government would be better off ensuring that the infrastructure initiative proposed by the president in his fiscal stimulus plan a year ago gets going,” Campher said.

 

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