Govt savings inadequate for posterity

Government has invested less than one percent of the revenues generated from diamonds in the past 30 years in financial assets, an amount economic pundits believe is insufficient to meet fiscal commitments for present and coming generations, a report compiled by consultancy firm, Econsult suggests.

According to the authors of the report, Keith Jefferis and Thabelo Nemaorani, between 1983 and 2012, government received an estimated P334 billion in mineral revenues, but had saved only P3 billion of this in financial assets - net of debt - by the end of 2011.