This is the essence of a letter the Institute of Relations (IRR) has written to InvestSA as part of its investigation into the weakness of the South African investment case. Instead, investors are deterred by government policies that punish growth instead of encouraging it. The decline in GFCF, the key measure of substantive investment in the economy, highlights the bleak state of South Africa’s investment landscape. These fake transformation policies are destroying growth, jobs and opportunity. Real transformation means pro-growth policies that are non-racial, that create jobs, that attract investment, and that generate wealth.