Business rallies against Zuma

BUT THERE REMAINS A RELUCTANCE AMONG SOME CEOS TO COMMENT PUBLICLY Growing number of business leaders from all political spectrums are demanding an end to political manipulation of South Africa’s financial high ground.

Prominent leaders voice their disapproval following the Pravin Gordhan debacle.

Prominent South African private sector leaders are starting to voice their disapproval of the current events surrounding Pravin Gordhan, the minister of finance, although there are calls for more to stand up.

The apparently politically motivated actions by the Hawks have profound economic implications which will impact every single business in the country. During the past few days, there have been public responses from leaders such as Saki Macozoma on behalf of Business Leadership South Africa (BLSA), Cassim Coovadia for the Banking Association of South Africa (Basa) and Telkom chairperson Jabu Mabuza, who is leading the private sector’s engagement with government following “Nenegate”.

A tweet from South African business icon Johann Rupert also elicited debate from other business leaders.

But there remains a reluctance among some CEOs to comment publicly. Business has contacted at least four prominent CEOs who have been involved in this process. All declined to comment immediately, but undertook to reevaluate this decision later.

South African business leaders have been reluctant to voice concerns in public against the leadership of the country, trying rather to find solutions through private conversations. The most recent example was the hustle and bustle by various senior leaders, especially in the financial services sector, after Nhlanhla Nene was fired as finance minister in December last year.

The business leaders who have commented most did so through industry bodies which include BLSA and Basa.

Coovadia released a statement stating: “We should be supporting the minister of finance to address the social and economic issues and challenges impeding the economy in order to facilitate development and stimulate growth – instead of pulling the rug out from under him. This flies in the face of the commitment made by government and the president, in addition to the commitment business has consistently expressed, that they support the minister of finance.” BLSA also issued a powerful statement stating: “No one is above the law. However, the present Hawks’ investigation of the minister’s former role as Sars commissioner lacks any legitimacy or credibility. It is shocking that our national collective effort to avoid a ratings downgrade and to restore inclusive economic growth is now being so insidiously subverted.

“If this sinister behaviour is allowed to continue the consequences will be devastating for our economy and will fatally undermine our national efforts to address poverty, inequality, and unemployment. If there is to be an investigation into this issue, we would urge that this be conducted by a credible institution such as the public protector.”