South Africa\u2019s ruling party approved a range of proposals to revive economic growth, but stopped short of endorsing Finance Minister Tito Mboweni\u2019s controversial plan to sell some state assets.<\/p>\n
There was \u201cbroad consensus\u201d among members of the African National Congress\u2019s National Executive Committee about the challenges the nation faces and that business and labour need to play a greater role in fostering growth, Ace Magashule, the party\u2019s secretary-general, told reporters in Johannesburg on Wednesday.<\/p>\n
It was agreed the country needs to invest more in infrastructure, produce more renewable energy and fix ailing state companies, he said.<\/p>\n
The government is seeking to speed up reforms as business confidence slides and disquiet grows among investors about the deteriorating state of the government\u2019s finances and the threat debt-stricken power utility Eskom Holdings SOC Ltd. poses to the economy.<\/p>\n
A plan for fixing Eskom is still a work in progress and should be finalised by month-end, said Enoch Godongwana, the ANC\u2019s head of economic transformation.<\/p>\n
Mboweni suggested in a policy paper released in August that the utility\u2019s entire debt of R450 billion ($29.5 billion) could be settled by selling off coal-fired power plants — an option opposed by the ANC\u2019s labor-union allies.<\/p>\n
When asked for clarity about possible asset sales, Magashule repeated his statement that it was agreed that \u201cmodels of worker and social ownership\u201d will be considered.<\/p>\n
Other measures agreed to by the ANC include:<\/p>\n