Although at face value it appears the song is about a guilt of British colonisation, the lyrics don't refer to that. They only reference (what was then) modern South Africa.
Bear in mind when the song was written Apartheid was still a major issue in South Africa. And although the British government of the time criticised the situation, they were happy to continue reaping financial and business benefits of their links to the country. Hence the "money" in the song "supporting an army" killing the Africans. That's 1980's British government investment money.
So the song is more of modern day guilt than coloniser guilt.
Although at face value it appears the song is about a guilt of British colonisation, the lyrics don't refer to that. They only reference (what was then) modern South Africa.
Bear in mind when the song was written Apartheid was still a major issue in South Africa. And although the British government of the time criticised the situation, they were happy to continue reaping financial and business benefits of their links to the country. Hence the "money" in the song "supporting an army" killing the Africans. That's 1980's British government investment money.
So the song is more of modern day guilt than coloniser guilt.
[Edit: Corrected lyric quote]