Racial inequality contributing to ZA financial crisis

South Africa closed 2015 on an unfortunate note: a major shuffle within the Ministry of Finance in large part contributed to record lows for the value of the rand. However, experts recognize another widespread implication of the South African financial panic, addressing the ever-present issue of racial inequality.

Racism and the economy

ZA’s Standard Bank recently faced an uproar when one of its economists, Chris Hart, tweeted about “a sense of entitlement and hatred towards minorities” in light of post-apartheid affirmative action. Angry protesters (primarily black youths) stormed the bank’s offices in downtown Johannesburg, receiving some form of justice in Hart’s suspension. Sim Tshabalala, Standard Bank’s CEO, noted that the country’s black population disproportionately reaps benefits from many of South Africa’s greatest economic sources.

Racial tensions have also escalated following the accusation that four white farmers murdered two black men in a small town south of Johannesburg. Pro-white group Afriforum’s campaign to raise legal funds for the accused farmers is seen by many as explicitly racist.


Embracing diversity

South Africans are getting increasingly frustrated by the corrupt policies of their government on many levels. Racial tensions continue to surface more than two decades following the fall of apartheid, leaving the majority of South Africans on unstable ground.

Many South Africans are looking into alternative options to ensure their future personal and professional prosperity. The Global USA Green Card Organization (GUSGC) has noticed a major influx of South African clients applying for the United States Green Card Lottery, wherein winners can immigrate to the US and live the American Dream of freedom and opportunity.

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