Shades of grey

摘要

The South African government, proud host of this week's Johannesburg summit, was somewhat embarrassed when Robert Mugabe used the occasion to justify his ruthless expropriation of white-owned farms in Zimbabwe. Yet Mr Mugabe's rhetoric has a resonance at home: for the government has long wanted the country's black majority to have a far greater share of capital and top jobs, especially in such high-profile industries as mining and banking. The phrase it favours for this policy is "empowerment". Until now, the government has been cautious about using its clout to push change too fast. Although more local companies have explicit empowerment policies than have anti-AIDS policies, the share of capital held by black South Africans remains pitifully small. According to BusinessMap, a think-tank, the black-controlled share of the equity quoted on the Johannesburg Stock Exchange has actually dropped to barely 2%, thanks to poor performance and delistings. Although the picture among small businesses is more encouraging, the government is worried that big industries are not changing enough.