EFF’s Shivambu as finance minister is ‘formula for looting’ – Mantashe

EFF’s Shivambu as finance minister is ‘formula for looting’ – Mantashe

Gwede Mantashe, the African National Congress (ANC) national chairperson, emphasised that in areas where he holds influence and during his tenure, he would never endorse Floyd Shivambu, the EFF’s deputy president, to serve as Minister of Finance.

Shivambu stands no chance with Gwede around

Following an interview with Onkgopotse “JJ” Tabane’s Frank Dialogue, EFF leader Julius Malema proposed that his party could only consider sharing votes with the ANC under the condition that they appoint Shivambu as the finance minister.

Malema confidently restated his position last Friday, emphasising that Shivambu is well-suited for the role of finance minister based on his contributions within the standing committee on finance in parliament.

He added that his masters degree would be an advantage to supervise the funds.

According to Business Day, Mantashe dismissed the proposal and warned that implementing it could create another opportunity for money laundering.

Mantashe stated, “Where I have influence, I will never accept Floyd as a minister of finance because that is an outright formula for looting.”

This is despite him not providing evidence.

Mantashe, known for his vocal confidence in the ANC’s victory in the 2024 national and provincial elections, emphasised that the ANC has no intention of forming a coalition government with any other party.

Since last year, the ANC has embarked on an intensive campaign trail in anticipation of the upcoming polls.

Throughout these campaigns, the party has pledged to provide citizens with improved living standards, employment opportunities, business support, water access, and reliable electricity supply.

Unlocking potential: The case for Shivambu as South Africa’s premier finance minister

In a radio interview with JJ Tabane, EFF president Julius Malema indicated that the EFF would consider forming a cooperative relationship with the ANC, expected to suffer electoral defeat, on the condition that EFF deputy president Floyd Shivambu assumes the role of finance minister and leads the National Treasury.

Malema stated that Shivambu is deemed the most appropriate and pertinent candidate for the position. Nevertheless, his decisions will be informed by the collective leadership, aligning with the EFF’s principles, as executive authority is not wielded solely for personal gain but for the collective welfare.

Over the past decade, Shivambu has served as the longest-standing member of the standing finance committee, spanning two parliamentary terms.

During this time, he has played a crucial role in overseeing substantial reforms within the financial sector.

During this time, Shivambu has significantly contributed to legislative submissions, particularly in policy regarding illicit financial flows and amendments to the Banks Act of 1990.

His efforts have notably led to the establishment of the inter-agency working group on illicit financial flows, an initiative initially proposed by the EFF.

Additionally, his input has played a role in developing the Financial Matters Amendment Bill, which facilitates state-owned companies’ ability to obtain a commercial banking license.

Essentially, the EFF holds a distinctive position to drive transformation. It would be unconventional not to select a competent and seasoned individual, guided by progressive leadership, to helm the Treasury.

Predictably, those who resist change and maintain the status quo of economic stagnation, inequality, and poverty will oppose this inevitable shift, driven by their self-serving agendas.

According to CityWire, Nedbank economist Isaac Matshego warns that if the EFF enters into a coalition with the ANC post-elections and gains control of the National Treasury, investors should brace for outcomes akin to the collapse of VBS Mutual Bank.

Matshego highlights the EFF’s stipulation that, for coalition participation, the finance minister must originate from their party as a concerning factor. He expressed these concerns during a presentation at a Nedgroup Investments event in Johannesburg.

A South African Reserve Bank forensic report, ‘The Great Bank Heist,’ released in October 2018, found that VBS collapsed due to ‘unlawfulness’ and that the perpetrators made off with almost R2bn.

In addition, Matshego said Finance Minister Enoch Godongwana had indicated at the time of the Budget Speech earlier this year that he was confident about returning as minister after the elections.

However, Matshego said the possibility of an ANC–EFF coalition would be ‘extreme’ and ‘on the far left’.

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