Latest news with #KimHeller
IOL News
4 days ago
- Politics
- IOL News
A long walk to economic freedom for the youth
On June 16, 1976, thousands of students in Soweto took to the streets to demonstrate against Bantu Education and the imposition of Afrikaans in their schools. When the youth protested on June 16, they did so with clarity, conviction, and courage. Their mission was not only to fight against the indignity of being taught in Afrikaans but to stand up against the injustice of apartheid, says the writer. Image: Mike MIZLENI / AFP Kim Heller The most appropriate homage to the 1976 generation of young activists would be for the youth of today to take up the revolutionary baton and complete the race for total liberation in South Africa. This will require a focused and resolute vision and purpose, coupled with the spirit of fierce commitment to freedom and justice demonstrated by the youth in South Africa in June 1976. When the youth protested on 16 June 1976, they did so with clarity, conviction, and courage. Their mission was not only to fight against the indignity of being taught in Afrikaans but to stand up against the injustice of apartheid, which brutally crushed the hopes and dreams of African people. They nobly fulfilled their generational mission. While political democracy has dawned in South Africa, the youth of today, the Born Frees, are yet to find their pot of gold at the end of the rainbow. Instead, caught in the stillbirth of economic liberation, they are at risk of becoming a lost generation. Rather than building on the solid foundation of the struggles of yesteryear and being the architects of a more prosperous tomorrow for future generations, today's youth are caught in the ruins of historical injustice and inequality. Wandering like waifs along a deserted path, hopeless and hapless. The picture is gloomy. There are well over three million unemployed young South Africans. The education system is failing miserably in addressing systemic imbalances. Government job creation is limited and ineffective. Universities are graduating students who cannot find jobs. That nearly half of all South Africans aged between 15 and 24 are jobless should be a red flag for the government. Deficient governance and the debauchery of politicians plundering public funds for youth and social development programmes established a bankrupt leadership ethos which misdirects the youth. Youth innovation and industry are vital if young South Africans are to prosper. The idea is for the youth to jump-start themselves, but this is unrealistic given the economic constraints and marginalisation of the majority of young people in South Africa. High levels of government and business investment are necessary. So, too, is the correct leadership blueprint. Youth development cannot flourish on an inkwell of corruption or the poisoned pen of seriously compromised political and business leaders. A 2023 study by the Human Sciences Research Council showed that twenty-three per cent of young South Africans believed that hard work is the best route to better financial status, while forty-nine per cent felt that having political connections was a more effective pathway to prosperity. Ongoing systemic negligence by the ANC government has produced a despondent, largely paralysed youth stuck in a wheel of dependency on paltry government handouts. Mental health issues are skyrocketing, with suicide being the fourth highest leading cause of death among 15-24-year-olds. Government handouts need to be replaced, or at least strongly supplemented by a sturdy undercarriage of sustainable public and private sector investment. The Presidency should be obsessed daily with a high target, strictly monitored youth development and empowerment programme, which includes sustainable job creation and start-up youth business hubs across the nation. Anything less is a betrayal of the youth. Social grant safety nets have become a cage, feeding dependency. In the serial failure of government promises, the youth of today will need to look to themselves for salvation. It is a risky business for many. Research conducted by Global Entrepreneurship Monitor in 2024 found that South Africa's youth were highly risk-averse, with 62% citing fear of failure as a barrier to starting businesses. Dr Frantz Fanon wrote that "each generation must, out of relative obscurity, discover its mission, fulfil it, or betray it." He stresses the need for the youth to seize its moment. On June 16, 1976, young African children seized the moment, in the very worst of conditions, and overcame them. The potential of today's youth to inspire change is immense despite their difficult circumstances. The world bore witness to the unity of the Kenyan youth against the Finance Bill in 2024, which led to a review of government policy. The Nigerian youth protests in 2024 drew world attention and condemnation of police brutality in the nation. Young Sudanese activists have been very vocal and effective in their fight for human rights and good governance. In many African countries, including Kenya, Ghana, and Nigeria, youth-led digital enterprises are increasing financial inclusion and greater access to education and are beginning to activate new production and distribution value chains. An attitude of self-betterment and self-liberation is the redemption song of today's youth. Despair is not a strategy, and noise-making without a coordinated voice is ineffective. Purpose is prince and unity is king. This was aptly demonstrated by the 2024 Kenyan protestors, the children of 1976 in apartheid South Africa, and the Fees Must Fall movement in post-apartheid South Africa. A coordinated youth programme is urgently needed to compel the government and businesses to take the plight of young South Africans more seriously. So, too, is a national campaign to self-drive and self-direct youth-driven projects. The youth of South Africa constitute almost 35 per cent of the overall population. They have the right and responsibility to shape the nation's future. It can be done. Nothing is impossible. In the words of Muhammad Ali, "Impossible is just a big word thrown around by small men who find it easier to live in the world they've been given than to explore the power they have to change it." * Kim Heller is a political analyst and author of No White Lies: Black Politics and White Power in South Africa. ** The views expressed do not necessarily reflect the views of IOL, Independent Media or The African.
IOL News
23-05-2025
- Business
- IOL News
A 'glimmer of hope' towards transforming financial services landscape
Scores of protesters marched to the banking precinct in Sandton City, South Africa on April 29, 2021 demanding transformation of the financial services sector. Financial transformation has been undermined by discriminatory practices, insufficient regulatory oversight, and a lack of transparency and accountability, says the writer. Kim Heller It cannot be business as usual. Especially not in South Africa, the most unequal country in the world. If steered on the helm of transformation, fairness and transparency, South Africa's financial services sector could be a vital vessel of democracy helping to navigate the nation away from the deep-set patterns of economic marginalisation and financial inequality. On the horizon is the Conduct of Financial Institutions (COFI) Bill. With its sharp developmental thrust and strong accountability propellers, COFI provides a glimmer of hope for a fairer and more equitable financial services landscape. The Bill sets out a streamlined path to transformation as well as greater regulatory cohesion and accountability. It brings better alignment between the BBEE Act and the Financial Sector Code while enhancing the powers of the Financial Sector Conduct Authority (FSCA) to overturn discriminatory decisions and seek court orders. With a spanking new developmental deck that makes entry and participation easier, COFI could be an effective springboard for greater inclusion and participation. However, the history of failed financial legislation in South Africa serves as a stark reminder of how even the most solid policies can sink without rigorous implementation and oversight. For now, racial gulfs in financial participation and financial prosperity continue to shipwreck financial parity and sully forecasts for a more inclusive and equitable society. An oar of discrimination keeps marginalised South Africans economically stranded. Personal and business lending and investment remain unequal, with Black South Africans being less likely to be granted home loans or business financing than White South Africans. The lack of historical disadvantage and an empty pot of intergenerational wealth prejudices black South Africans in the banking and investment stakes. Disparities in access to capital, credit, and favourable bank rates perpetuate discrimination in democratic South Africa. Often labelled as more risky investments, black South Africans are prejudiced by the sector's policies and practices. The demon of de-banking continues to haunt politically exposed individuals. This is under the cloak of reputational management, and in the grim pall of poor transparency and impaired judicial oversight. The harmful practice of de-banking is a calculated financial attack on targeted individuals, in the ugly gambit of power and prejudice. The closure of accounts is seldom based on fiscal responsibility; instead, it often serves as a political weapon to suppress dissent and challenge power and patronage. De-banking has severely affected several prominent political figures and opinion makers who have opposed South Africa's elite transition. Black-owned businesses such as the Sekunjalo Group have become easy targets, while white-owned groups implicated in scandals, such as Steinhoff, have been treated with kid veil of "reputational risk" must be lifted to show the ugly silk of conspiracy that lies beneath. In the words of Dali Mpofu SC, "If banks can close your account without evidence, based on perception, then they are not just financial intermediaries—they are political actors." COFI will need to create transparency and full disclosure on why certain bank accounts are closed, while others are left to thrive. These freedoms are present in many countries worldwide. In the United Kingdom, banks are now mandated to give 3 months' notice and provide reasons for debanking. This followed massive civil society outrage after UK politician Nigel Farage's bank accounts were abruptly closed. In South Africa, the slate of prejudicial bank practices and the general lack of transparency and accountability has seen trust and credibility of the sector at an all-time low. Despite its potential, COFI must move beyond bureaucratic or technical compliance to become a genuinely transformative tool that fosters financial access, participation, and empowerment for marginalised individuals, organisations, and communities. COFI needs to be more than a seductive, refashioned compliance mechanism. If it fails to deal with the thorny issues of systemic exclusion, discrimination and debanking, it will lose its legitimacy and effectiveness and find itself relegated to the large body of legislation that has failed to see the light of day. Financial transformation has been undermined by discriminatory practices, insufficient regulatory oversight, and a lack of transparency and accountability. Successful implementation of COFI is dependent on vigilant monitoring and strong regulatory oversight. This is understood and addressed in the Bill. Previous legislation has struggled due to poor execution and insufficient regulatory authority. Until the industry regulators have the necessary authority to revoke discriminatory and politically motivated decisions and actions, they will remain toothless. A bow of regulation without the arrow of robust civil society support will fail to hit the transformation target. Without a supportive shield for those discriminated against, COFI will lack real potency. There is a real role to be played by civil society and financial activists. Civil society must act as a watchdog for financial consumers. The true measure of success for COFI will be its ability to make a meaningful difference in the lives of ordinary South Africans, particularly those who were financially marginalised during apartheid. This includes addressing the harmful effects of discriminatory financial practices that have led to the loss of assets and economic opportunities for these individuals. The Bill has yet to be enacted into law but is being prepared for Parliamentary review. It will herald in a new regulatory regime. It is time for the financial services sector to show a genuine commitment to transformation and transparency. Without a watermark of ethical acuity and social responsibility, the financial services sector will remain a palace of elite interests. And South Africa will continue to be a rich man's world. * Kim Heller is a political analyst and author of No White Lies: Black Politics and White Power in South Africa. ** The views expressed do not necessarily reflect the views of IOL, Independent Media or The African.
IOL News
12-05-2025
- Politics
- IOL News
Afrikaner refugees refused to be governed by black people, says Heller
Racial privilege and the Afrikaner exodus: Kim Heller's perspective on the Afrikaners who departed for the US. Image: Marco Longari / AFP Kim Heller, author of No White Lies and a well-known social justice activist, has weighed in on the recent departure of 49 South African Afrikaner refugees to the United States, saying that the group refused to be led by a black government. The group, citing fears of targeted violence and claims of victimisation, has accepted an offer from the US to resettle as part of the Trump administration, which has offered refuge to white South Africans seeking refuge abroad. President Donald Trump has accused the government of seizing land from White Afrikaners and offered to resettle them as refugees in the US. However, the government has not seized any land since the end of apartheid in 1994. South African crime statistics show that the highest number of people being murdered in the country are young Black men. Critics argue that the move underscores a refusal to accept the realities of a democratic South Africa, where black-led government structures have replaced apartheid-era policies. In a recent series of X posts, Heller condemned the Afrikaner refugees, asserting that their departure reflects a stubborn adherence to racial superiority and a refusal to reconcile with South Africa's new political landscape. 'Nelson Mandela extended a hand of reconciliation to white South Africans after the atrocities of apartheid,' she said. 'Yet, these individuals have failed the humanity test—they remain largely unrepentant and racist.' Heller went further, describing the refugees' departure as a manifestation of racial privilege. 'To the Afrikaners seeking refuge in America—good riddance and shame on you,' she declared. 'Afrikaners and Zionists share a similar sense of superiority and victimhood. These are white racists who refuse to be governed by a black government or relinquish their unearned apartheid privileges.'
