Before the President spoke out about the appointment of David van Rooyen as minister of finance to replce Nhlanhla Nene yesterday, the Nelson Mandela Bay Business Chamber through it’s CEO, Kevin Hustler, expressed their deep concern over the recent axing of Finance Minister Nhlanhla Nene after just 18 months in the role.
“Whilst we acknowledge that the President has a constitutional right to appoint and dismiss Cabinet Ministers, the decision to dismiss a very experienced and the well-respected Minister Nene, needs to be questioned. The immediate and significantly negative reaction by the world markets to the announcement is a reflection of the of market concerns regarding both the wisdom of the decision, and the (as yet) undisclosed reasons for the decision,” said Hustler
Consistent stability and confidence of the macro-economic policy environment is critical to the business community and any sudden changes, or uncertainty in the environment, will and has already had a massive impact on the markets in general, but in particular on trade and investment. Billions of Rands in market value have already been eroded as a direct result of the decision. “It is our view that all of this was entirely predictable in the wake of a credit downgrade of South Africa by rating agencies,” continued Hustler.
“The appointment of a largely unknown and unproven person into this key Ministerial Post, has already caused massive ripples of instability and wide condemnation in the marketplace. As organised business, we call on the President to provide absolute clarity, transparency and rationale behind this disconcerting move, and to urgently reassure us and the international community, as critical stakeholders regarding both the reasons for this and to provide certainty around future economic policies. As a country, we need wise leaders who act in the interest of all its citizens, commerce and industry,”concluded the NMBBC CEO.
Continuing the theme of bewilderment from not only business but also senior politicians the Deputy minister of Public Works, Jeremy Cronin said in Helenvale, Port Elizabeth yesterday; “The Minister of Public Works, Thulas Nxesi is one of the longest serving ministers and I, as his deputy, one of the longest serving deputy ministers but, you never know, things may change suddenly!”
Thulas Nxesi was appointed by President Jacob Zuma on 24 October 2011 and Jeremy Cronin became the deputy minister with effect from 13 June 2012.
On Friday, President Jacob Zuma spoke out for the first time on the appointment of David van Rooyen as minister of finance.
Explaining his decision in a statement, Zuma said the “urgency of the changes in the leadership of the National Treasury” was because nominations needed to be sent to Shanghai in terms of the head of the African Regional Centre of the New Development Bank/BRICS Bank, which will be based in Johanesburg”.
Zuma said former finance minister Nhlanhla Nene had been nominated for the post.
“Mr Nene is our candidate for this position. We are fully backing his candidature, knowing full well that he will excel and make the nation proud in his next assignment.
“President Jacob Zuma has crossed the line and any ANC member worth his or her salt needs to speak out,” party veteran Barbara Hogan said on Friday.
Hogan, a former minister and wife of ANC veteran Ahmed Kathrada, was speaking out following the axing of Finance Minister Nhlanhla Nene.
“I certainly believe that if ANC members are worth their salt, they have to start looking very carefully and introspectively… about our roles in this organisation and what we are giving consent to by allowing this president to operate as though he is completely unaccountable,” she said.
“They [the ANC] need to hold this president, who has become a law unto himself, [to account]. If they do not want to recall him, then they must hold him accountable.”
Hogan has been Minister of Health and Minister of Public Enterprise. She was fired as Public Enterprise Minister by Zuma in 2010.
She called Nene’s dismissal an arbitrary act and said it was unacceptable that Zuma had not given an explanation for his decision.
“We all know there is not an acceptable explanation.
“This is the final straw. If the president is now intent on dismantling Treasury anyone who has been in government knows that a lot of government revolves around a treasury.”
The president had gone beyond what was acceptable, she said.
Alan Straton
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