It is time for SA’s black business leaders to locate their spines
ONE of the main legacies of President Jacob Zuma’s administration is the National Development Plan. Ironically, this is the same plan that waxes lyrical about the role of civil society and business in realising its ultimate objectives of economic freedom for all our people. It is something of an understatement to say Zuma has so far not done justice to the economic chapter of that plan, triggering so many across society to call for him to quit.
Apart from his apparent cluelessness about the economy, demonstrated recently during an international interview with a Chinese broadcaster, the president has caused extensive damage to SA as a brand in the face of investors and markets, when he played marbles with the Treasury in December.
Banks in particular felt the brunt of his ill-considered decision in their balance sheets. Barclays’ abandonment of its Africa interests, in Absa, did not come as a surprise; I am not convinced it was unconnected to the chaos in the Zuma administration.
Nor did the firm decision by all banks to punish the Gupta family, who were firmly implicated in the horrific decision to change finance ministers, if the deputy finance minister is to be believed.
No matter what the ANC may say, the scandal-ridden president cost it the metros, the heart of the economy, eroding its control of these hubs as key economic drivers. Overall, a bad performance by the president on matters that affected the country’s standing and our prospects for economic growth.
It would be a different story if those terrible events and their consequences were registering in the president’s conduct. But no. He went on to dismiss his critics as exaggerating the situation, even in the face of huge financial knocks to the currency. On top of that, he is seen rightly or wrongly as being behind the harassment of the finance minister through the inexplicable conduct of the Hawks, sinking us further into the black hole of impending junk status. It would be a major coincidence if this were not the case.
With all this background, you would expect black business to be very concerned and come to the inevitable conclusion that a fish rots from the head, and with our economy forecast not to grow at all in the current socio-political climate, that it would need to be rescued from this poor leadership and not subjected to more pain through the continued tenure of a president who has so clearly undermined the economy.
Whatever the circumstances and nuances, we know established business intervened to get the blunderous decision of December 2015 changed. We have also seen representatives of big business running around the world with the finance minister to try to stem the tide of negativity and avoid a downgrade.
On the other hand, the Black Business Council still talks about “being included in the delegations” to go around the world in future — demonstrating how terrible its relationship with the government is, and exposing that this business body has made little or no impact on the economic heartbeat of the government. While this obtains, you wonder why its chairman, Ndaba Ntsele, felt it necessary to mishandle this political hot potato, which even the ANC does not know how to deal with.
“Zuma must stay put until 2019.” Really, Mr Ntsele? And the reason? The black industrialist programme and small business ministry were established during his tenure. How pedestrian can one be?
This saga exposes the fact that there is a lot of spinelessness among our black business leaders, who cannot bring themselves to rise to the occasion and support the forces of good in the governing party to help rescue SA from a sure decline.
There is a silver lining though — businessman and former directorgeneral Sipho Pityana seems to represent a new breed of black business icons willing to go against the grain. He and his ilk need to stand up before it’s too late. Having been a staunch Zuma supporter when no one gave him a chance in 2009, Pityana is a credible leader of this revolt against the current administration. More power to him. Tabane is anchor of Power Perspective on Power FM.
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