Love Letter To Minister Malusi Nkanyezi Gigaba

2017-04-05 13:35

Dear Malusi,

I salute you in your first name not to show disrespect. You have now reached the clouds in your personal career in serving our people but I thought why not just remind you that, Ndabezitha, you are always going to be one of us. I am aware you are currently reading towards a PhD, soon we will salute you as Doctor. The pride we have in you at this moment as a black body is untold. Sesibangenile!

Malusi, you have the weight of the black body’s longing for true emancipation, a complete freedom now rests with the tone you set. Do not for once believe we are not with you or take the task before you any lightly. We know you are ready and able, capable and sharpened. We know you have been tried and tested.

Many would wonder who is the “we” I refer but I know you will not wonder for you know who the “we” are.

Please prioritise issues of money supply and monetary policy. These twins have put a strangle hold on the black body and are creatures of disempowerment. Remember always that our Reserve Bank is public owned as such it must act for the betterment of the people as a whole not the bankers and a few. Remind the Reserve Bank that growth and price stability must both be prioritised. The growth people want is that which is job creating. This means money supply must be deliberately channelled to manufacturing sectors and less to the current obsession with high net worth homes and malls building.

Money Supply must be made to seek black business and produce thousands of young black businesses.

Malusi, do not forget that commercial banks have a responsibility that comes with holding a banking licence. This is a privilege not a right. Remind them that their bank licenses allow them to print and supply money to citizens and that this must be done in a non-racial manner. They must fund black people. Please support the banking inquiry in this regard.

Commercial banks are responsible for up to 95% of the money created in our system. They create this money via loans they offer. If these loans are granted in a racially skewed manner, your people will not have economic rights, joblessness become permanent. Loans must prioritise black business and black areas too. Commerce must be made to move closer to where the people are.

Malusi another issue is the enormous cash hoarding corporate South Africa is keeping in banks. This money must be subject to regulation if it remains hoarded in what I have called a deliberate investment strike by white business. The Reserve Bank will produce reports for you periodically showing you how much money is kept in our banking system. You will soon find out that we have over R1 trillion packed in banks here doing nothing. It is not given to shareholders as dividends nor is the money used to employ the jobless or increase wages. They are keeping this money from economic activity for no other reason other that our badly crafted interest rate payment regime. It must have less return to keep money in banks. Your G20 partners have enacted various laws in this regard to encourage investment whilst discouraging cash hoarding.

The G20 must be your vehicle to help your people. Here is where you should force the drive for the transformation of the IMF and World Bank, particularly the International Monetary System we call “unipolar” as it favours the USD and the West in particular. The world cannot continue to import US inflation.

I can’t wait to see you in those big halls of the G20! We have arrived I will scream.

Please process the shock on approval of the Post Bank and encourage our biggest townships to establish insurance societies and building societies. There should be the Bank of Soweto soon where our people bank in themselves and Avbob must feel serious competition soon. There must be banks called Bank of Mdatsane, Bank of Alexandra, Bank of Sobantu, Bank of Attridgeville soon. Encourage this and modernise our stockvels and omama bomngwabo. You know us, you are us.

Malusi, your people agree that the state must procure high quality goods and services at great value and in an open competitive manner. This is supported. There is a stranglehold on the processes, as black business can never compete with centuries of mobilized economies of scale white business has amassed. We can’t compete. We need urgently a further enhancement of affirmative action supply chain policies within the best practices paradigm. Blacks must have 90% stake in all procurement by the state and SOEs.

Malusi, the issue of free-education is important. I encourage you to look at the input to Fees Commission and enhance this input and make it better. Work with Minister Dlamini in this regard. Social Services cannot be pushed aside when we talk free education. This department has all the data on who is who in South Africa and which child receives child grants and when would such a child is gearing towards higher education. We must coordinate and let social wages talk together. The funds that currently fund youth jobs should be reprioritized to higher education.

Consult wider on your budget priorities. This is important. We are now in a new revolution and we rely on you to lead it as president Jacob Zuma has rightly asked of you. This revolution is to end with wealth full transferred to the majority.

Hood your head up high, keep the fight and do not surrender no matter what the graph and tables the neo-liberals produce for you. Fight for us. Whatever you do, do not relax exchange controls any further, not in a racially divided country.


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