Journalist and social analyst Max du Preez has called for an 'economic Convention for a Democratic South Africa (Codesa)' to negotiate the way forward.

“We will have to take as brave a step as we did during the political settlement of 1994 to make what Julius Malema calls economic liberation in his lifetime, a reality,” Du Preez told an Investment Property Databank function in Cape Town on Thursday.

He added that the country needed a bold national strategy to make the majority of citizens feel that democracy was working for them.

Du Preez cautioned that such an economic Codesa could end up demanding substantial sacrifices on the part of business and the middle class, but it could also instil a new optimism. He said growing pessimism was bound to seriously affect business confidence, especially the commercial property sector in the year ahead.

“If we can pull of a new deal on how to share our wealth more, how to become a more equitable society, how to achieve job-rich economic growth, then, we will become a model of transformation other nations are jealous of,” Du Preez stated.

But he said that an economic Codesa was unlikely to come from the government and that the business community would have to take the lead.

Du Preez said that it would be in the interests of both the ANC and the country, if Malema’s influence could be neutralised.

He stated that President Jacob Zuma and his senior colleagues probably misjudged Malema. “He is the cleverest political operator and strategist in the ANC and its leadership thought that they were the puppet master and he was the puppet doing some of their dirty work for them, but he has now become the puppet master. Malema is, more than any other individual, determining the national discourse. It is pity, he is serving other interests than the national interests, because we could have used a leader with his capabilities,” declared Du Preez.

He conceded that Malema’s campaign to have mines and banks nationalised and farmlands seized had gained so much momentum, that it would take fancy political footwork to derail it.

“To many of the poor and frustrated, nationalisation seems a magic bullet to cure poverty. It is not enough any longer to show them other examples of where this has led to a collapse of the economy and even more poverty.”