BLSA laments departure of Treasury chief

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