Under the new Presidency of M. Didier Ratsiraka, the Government of the Malagasy Republic has?
Under the new Presidency of M. Didier Ratsiraka, the Government of the Malagasy Republic has announced the nationalisation of all companies, including the powerful French based group, Compagnie Marseillaise de Madagascar. The decision on nationalisation was evidently taken on Friday (29 August), and announced by President Ratisiraka, on Sunday (31 August).
The President's announcement said that national companies would be created grouping together all the allied industries. These companies would retain a monopoly of their products, and the nationalisation of foreign concerns and the setting up of distribution centres would be carried out as soon as possible.
Banks and insurance companies are also to be taken into State ownership, because, said the President, ??? socialist system demanded that the State should have complete control of money, financial business and credit facilities.
The State will also take a 51 per cent stake in all exploitation of minerals such as chrome, graphite, iron and bauxite, with the private companies holding 49 per cent. The wholesale nationalisation programme will also cover water and electricity.
President Ratsiraka said that it was hoped that these measures would generate new employment and would help the country build up its heavy industry.