Thursday, 12 June 2025.

The Economic Freedom Fighters (EFF) welcomes the bold and clear response by Statistics South Africa (Stats SA) to reject the baseless and senseless claims made by the CEO of Capitec, Gerrie Fourie, that South Africa’s unemployment rate is only 10%. This misleading statement is not just wrong—it is part of a growing attempt by the white capitalist establishment to hide the failure of the DA-ANC coalition government, which has done nothing to grow the economy or create jobs.

The EFF rejects these comments with the contempt they deserve. South Africa’s real unemployment crisis cannot be hidden by public relations campaigns and lies told by rich CEOs. According to the official statistics released by Stats SA, the expanded unemployment rate stands at around 42%. This includes people who are no longer even looking for work because they have given up hope. Any attempt to claim otherwise is an insult to the millions of black people who wake up every day without work, without opportunities, and without dignity.

It is deeply regrettable that the Minister of Trade, Industry and Competition, Parks Tau, who should be the first to defend the truth about the state of the economy, chose instead to back the senseless and misleading claims made by the Capitec CEO. What is even more worrying is that this is not an isolated incident.

During the recent consideration of the Fiscal Framework and Revenue Proposal, an ANC Member of Parliament boldly told the Standing Committee on Finance that South Africa does not have an unemployment crisis. These out-of-touch comments reflect a growing arrogance and a blatant disregard for the lived experiences of millions of young people who face daily hopelessness and despair. It shows just how far the ruling party has drifted from reality, siding with corporate elites instead of the people.

The EFF has long said that unemployment in South Africa is not just a numbers problem—it is a result of a broken economy built to exclude black people. There are no jobs because the economy is not structured to create them for the poor. It is structured to benefit the few, including companies like Capitec. The poor are left to suffer while banks profit from their pain.

We know Capitec very well. It is a bank that grew rich by trapping black workers in loans they could never escape. Many of the Marikana mineworkers were drowning in Capitec loans at the time they were killed. Capitec gave out loans at ATMs to desperate workers who were already heavily indebted. These loans were given without proper checks and pushed people into even deeper poverty.

Capitec is built on the blood and sweat of poor black workers. Its profits come from lending to people who have nothing, and it continues to survive because it is protected by the South African Reserve Bank and National Treasury. These institutions do not regulate Capitec—they shield it. Many government officials in the finance cluster leave office only to join banks like Capitec, Standard Bank, Investec and others. That is why no one holds them accountable.

The EFF maintains that Stats SA has been underfunded for years. Government has allowed this important institution to be weakened so that people like the Capitec CEO can have space to spread lies without challenge. But we commend the StatisticianGeneral for standing firm and defending the credibility of Stats SA. Even with less funding, they continue to do their work with honesty and integrity.

The EFF will not allow big business to lie about the suffering of our people. Gerrie Fourie’s comments are not just careless—they are dangerous. They erase the reality of millions of young people who are locked out of education, training, and work. They make it easier for this corrupt government to continue doing nothing while poverty and hunger grow.

The EFF calls on all South Africans to stand up against these lies. We must expose the role that banks like Capitec play in keeping our people poor. We must defend the truth and fight for an economy that puts the needs of the people before the profits of banks. We will continue to fight for proper funding of Stats SA so that it builds capacity to maintain its credible track record.

ISSUED BY ECONOMIC FREEDOM FIGHTERS

Sinawo Thambo (National Spokesperson) 072 629 7422

Thembi Msane (National Spokesperson) 061 467 8169

Andiswa Madikazi (Parliament Media Liason) 069 516 4924

Thato Lebyane (Media Inquiries) 078 563 1581