'The president spoke to the sovereign wealth fund ...'
President Cyril Ramaphosa said in an annual address to parliament last week the government had decided to establish a sovereign fund, but he did not say how the fund would work.
"The president spoke to the sovereign wealth fund ... Many people asked the question, 'where will money come from?' I can tell you that all the mines pay a royalty to the state. It can be used to start a royalty fund," Mantashe said during a parliamentary debate, before his allotted time ran out. Setting up a sovereign fund is a longstanding ambition of leftist elements in the governing African National Congress party that favour strong state control over Africa's most industrialised economy.
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