Business wants to meet with Malusi Gigaba

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Malusi Gigaba  Foto: Theana Breugem
Malusi Gigaba Foto: Theana Breugem

Cape Town - Business Unity South Africa (BUSA) and the Association for Savings and Investment South Africa (Asisa) want to meet with Treasury's top two men - incoming Finance Minister Malusi Gigaba and his deputy Sfiso Buthelezi.

Despite expressing grave concern over President Jacob Zuma's wholesale Cabinet change, in which he sacked Pravin Gordhan and Mcebisi Jonas, BUSA and Asisa said in two separate statements that they intend to work with the new ministers in the best interests of the economy.

BUSA is seeking to discuss how business can continue to cooperate with Treasury to achieve the much needed structural shifts required by the economy to meet the developmental objectives of the country, it said in a statement on Friday.

Gordhan's axing came in the wake of growing tension between Treasury and Zuma.

A tough fight

Treasury has been battling with state-owned entities, the South African Revenue Service and certain ministries over dodgy contacts and mismanagement. It has been holding the line on state expenditure and was also not in favour of a controversial nuclear deal that commentators have said pales in comparison to South Africa's corrupt Arms deal contracts and costs.

BUSA’s view is that the timing of the reshuffle is most unfortunate. It followed days of tension within the ANC and with its Alliance partner, the South African Communist Party.

"It has the potential to compromise both political and economic stability unless the Executive can demonstrate the necessary capability and consistency, in a responsible manner, to radically transform the economy to achieve the required inclusive growth and employment creation objectives," said BUSA.  

The reshuffle had an immediate impact on the value of the rand.

"This, together with the uncertain political implications, will have significant impact and may undermine the progress made by business and its social partners, government and organised labour over the past year."

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