Finance ministry has a crisis of credibility

Finance Minister Malusi Gigaba’s press conference on Friday offered the country nothing new on his plan to revive the economy.

The minister addressed the press conference a few days after the economy had slipped into recession and we expected that he would give us a bold plan.

Instead, he said President Jacob Zuma would be holding an all-day meeting in two weeks’ time with all economic cluster ministers.

Basically, Gigaba offered the nation nothing. He was out of his depth.

Everything is still in the planning stages as if the problem started yesterday.

When Gigaba was appointed minister of finance, there were already indications that should the country be downgraded again, the economy would slip into recession.

The minister also created an impression that there was no handover process from former finance minister Pravin Gordhan, as well as from the former director-general Lungisa Fuzile.

He ended up telling the press conference that “I think we [South Africa] will be OK”.

That is not enough because whatever the minister says about the economy has to restore investor confidence, here at home and around the world.

He spoke like someone who is waiting for another person to decide for him what to do about the economy.

The other crisis that the nation is facing with the finance ministry is the credibility of Gigaba and his deputy Sfiso Buthelezi.

The letters that Gigaba allegedly signed to give the Gupta family citizenship while home affairs minister have created doubts about his judgment as his then director-general at home affairs refused to give the family citizenship.

On the other hand Buthelezi, who at the press conference claimed to be

‘ ‘ Allegations around Gigaba will drive investors away

clean, has to be prosecuted for alleged corruption that happened under his watch while he was chairman of the board at Passenger Rail Agency of South Africa (Prasa).

The investigation into Prasa was done by National Treasury, which falls under Gigaba and Buthelezi.

Buthelezi’s statement that the current Prasa board chairman Popo Molefe never approached him about the allegat ions shows an attitude of entitlement.

Molefe’s only obligation was to approach the authorities so that charges can be laid against Buthelezi.

How does Buthelezi continue to serve as deputy minister when Treasury has asked that he be charged.

It is the first time that the country has a finance ministry led by people with alleged scandals – they need to clear their names soon.

The country needs a ministry that is led by people whose reputations are not questionable, not people aligned to Zuma, his family and his friends.

The EFF has laid criminal charges against Gigaba over his alleged involvement at Transnet while he was minister of enterprises.

Soon his decision to give the Gupta family citizenship will be challenged in court.

All these allegations around Gigaba will drive investors away and moreover, they will not listen to him.

The ANC is quiet on what is being said about Gigaba and Buthelezi.

The country needs a recessionfighting plan, not Gigaba and Buthelezi defending themselves when they appear in public.