FMF releases its policy agenda for the next parliamentary term

26 June 2024

The Free Market Foundation (FMF) released its policy agenda for the new government during a media briefing on Wednesday, 26 June. 

In the document, titled Liberty First: A policy agenda for South Africa’s 2024-2029 parliamentary term, the FMF argues that the path to prosperity is not only accessible, but that it is charted. 

‘Put simply, those countries that have the freest markets, have the most prosperous people,’ David Ansara, Chief Executive Officer at the FMF stated. ‘In fact, the Economic Freedom of the World (EFW) report, published annually by the Fraser Institute in Canada shows that even the poorest 10% of the population in these open economies earn some eight times more than the poorest 10% of the population in states with interventionist governments.’ 

This policy agenda, according to the FMF, presents a framework for reform premised on the EFW, outlining non-exhaustive examples of significant policy reforms the various spheres of government should pursue during this parliamentary term to bring about an open society that respects the liberty and dignity of all and makes true prosperity possible. 

Martin van Staden, Head of Policy at the FMF explained during the briefing that ‘countries that liberalise their economies, jealously protect private property rights, uphold the rule of law, have open trade with the rest of the world, guard against devaluation of their currencies, and have lean, unintrusive government bureaucracies, also have the best human development outcomes.’

Key aspects of reform addressed in the agenda include:

1. Reducing the size of government

Through mechanisms that ensure fiscal responsibility and cut spending.

Tax reductions and phasing out of non-standard taxes.

The privatisation of key state-owned enterprises such as Eskom, Transnet, and PRASA.

2. Reforming the legal system and protecting property rights

By adopting legislation which will decentralise the power of the state and federalise our political landscape.

Establishing a predictable, coherent system of law-and policymaking through changes that safeguard the rule of law.

Recognising and entrenching the right to private property as an essential priority.

Protecting civil liberties in general through the decriminalisation of victimless offences and safeguarding freedom of expression in particular.

3. Protecting the value of the South African currency

Reinforcing the independence of the Reserve Bank.

Providing for predictable, trustworthy monetary policy.

Clarifying the status of alternative money systems such as cryptocurrencies.

4. Freedom to trade internationally

Ending the imposition of harmful industrial policies.

Removing discriminatory and damaging barriers to trade.

Providing for greater financial independence by eliminating exchange controls and the prescription of investment funds.

Promoting international travel and immigration.

5. Cutting unnecessary and harmful regulation

The introduction of a job seekers exemption certificate by inserting an opt-out clause into the Basic Conditions of Employment Act.

Amending the Labour Relations Act to limit the extension of bargaining council agreements to non-parties.

Repealing the National Health Insurance (NHI) Act.

Enabling medical schemes and health insurers to offer low-cost products to ensure the indigent acquire access to high-quality private healthcare.

Repealing the Basic Education Laws Amendment (BELA) Act.

Revoking state interference with homeschooling and independent schools.

 The FMF argues that individual liberty, private property, free enterprise, and limited constitutional government are the basic preconditions for individuals, families, and communities to flourish.

‘Regardless of how government is constituted this term, South Africa requires a fundamental change in policy direction away from statism and towards liberty. By putting “liberty first,” South Africans cannot but prosper,’ Ansara concluded.

Click here to view the full report.

Issued by David Ansara, Chief Executive Officer, Free Market Foundation, 26 June 2024