Tough job in the Treasury

Former Reserve Bank governor and new Finance Minister Tito Mboweni is hailed as a seasoned economist with impeccable credentials. Judging from the market reaction, he is a “life saver” following the embarrassing exit of Nhlanhla Nene.

South Africans had counted on Nene for the restoration of integrity in a portfolio nearly invaded by Gupta lieutenants. He should be credited, though, for refusing to sign off the nuclear deal.

Pravin Gordhan fared relatively well as finance minister, particularly considering that the axewielding Jacob Zuma was constantly peeping over his shoulder. Malusi Gigaba was a nonstarter as his Gupta links were evident. Des van Rooyen was a complete disaster, creeping in and out over one fateful weekend.

This leaves us with Trevor Manuel, the longest-serving finance minister from 1996 to 2009. A Cape Peninsula Technikon graduate with no commercial background, Manuel led the Treasury with distinction and presided over the best economic times experienced in postapartheid SA.

There are two reasons for this. First, having realised the sensitivity of the portfolio and his lack of experience, the then president, Nelson Mandela, retained former finance minister Chris Liebenberg, despite being inherited from the apartheid era.

Second, there was a thorough behind-thescenes orientation and handover for Manuel, while Mandela was easing the markets into the imminent transition at the Treasury.

It takes integrity and good sense of judgment to survive in the Treasury portfolio.

Peter Monyuku Wendywood