The African National Congress (ANC) said that it would make industrial policy the centre of its policy framework for this election, so that sectors that needed financial aid could be assisted.

Much like the rulers during the 1960s, the ANC would introduce a similar policy to the imports substitution industrialisation, which focused on certain sectors that needed assistance.

ANC secretary-general Gwede Mantashe said on Wednesday that during the past 15 years, the ruling party had targeted fiscal and monetary policies, which was currently delivering results.

“Even in the face of the deepening global financial crisis, our economy has remained resilient. We have seen a little negative growth, we take note of that, but we are not in a recession.”

Mantashe added that the ruling party would focus on the real economy, and on trade policy.

He stated that although developing trade relationships with other countries were important, South Africa had to protect its resources.

“We must protect what we have, and create a balance so that the interventions that we are making help the developing economy.”

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