The African National Congress (ANC) says delegates at its policy conference have rejected the characterisation of our economy as controlled by white monopoly capital, but it can't be ignored that there is white dominance in the economy.
President Jacob Zuma’s supporters had gone into the conference pushing the phrase "white monopoly capital", but nine out of the eleven commissions have rejected this.
The outcome was made public in a briefing on the ANC’s strategy and tactics commissions on Tuesday night.
The ANC’s strategy and tactics head Joel Netshitenze says that nine out of the eleven commissions have rejected the idea of white monopoly capital.
But they're not shying away from the racialized nature of the economy.
“We cannot run away from the reality of white dominance in the economy in the context of assets and income.”
And he says that the ANC is prepared to work with capital when their interests are aligned.
“We want them to create jobs and invest.”
This appears to be a defeat for the supporters of President Zuma, but the economic transformation commission is only due to report back later on Wednesday.