BLSA laments de­par­ture of Trea­sury chief

Daily News - - NEWS -

BUSI­NESS Lead­er­ship SA (BLSA) has lamented the res­ig­na­tion of the head of Na­tional Trea­sury’s bud­get of­fice, deputy di­rec­tor-gen­eral Michael Sachs, say­ing that it was of “enor­mous con­cern”.

BLSA joins a long list of op­po­si­tion par­ties, trade unions and civil rights bod­ies that also raised con­cerns about power strug­gles at Na­tional Trea­sury fol­low­ing Sachs’ res­ig­na­tion.

BLSA chief ex­ec­u­tive, Bo­nang Mo­hale, said Sachs was an­other in a line of com­pe­tent pro­fes­sion­als leav­ing – fur­ther un­der­min­ing the cred­i­bil­ity of in­sti­tu­tions and com­ing right be­fore credit rat­ing agen­cies pub­lish their re­view of the econ­omy on Novem­ber 24.

In his mini-bud­get, Fi­nance Min­is­ter Malusi Gi­gaba said a new struc­ture in the Pres­i­dency was to over­see ex­pen­di­ture in the Trea­sury. “We, at BLSA, are of the view this could well vi­o­late the con­sti­tu­tion. Sec­tions 215 and 216 of the con­sti­tu­tion… in­clude the right of the Trea­sury to stop the trans­fer of funds to or­gans of state in the face of any se­ri­ous or ma­te­rial breach of proper fi­nan­cial man­age­ment. Par­lia­ment car­ried the ul­ti­mate re­spon­si­bil­ity for ap­prov­ing the bud­get, not the Pres­i­dency.” – ANA

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