With the economy sluggishly and insignificantly developing and the rand in a haste to hit the lowest possible fall, the nation is earnestly striving to hold someone responsible for the misfortunes. Zuma has been blamed, the finance minister has told the nation not to blame the president, and presently, the African National Congress Youth League (ANCYL) is calling on it members to boycott Absa, asserting that the institution is responsible for the unending fall in the value of rand.
Reporting this incident, EWN related that while speaking on the sideline of a progressive youth alliance briefing in the Johannesburg CBD, the youth league raised concerns about the state of the economy. The ANCYL ultimately agreed that the Absa and other Barclays banks are wrecking havoc on the economy, and as such urged all of its members to boycott the financial institution.
Albeit the ANCYL noted that the decline in the value of the nation’s currency has been consistent throughout the previous year, and cannot be blamed on a single factor. It bragged that it will call on its mother body, the ANC to move all government funds away from Absa and as well, lobby for sanctions against the bank.
Still speaking, the ANCYL secretary-general, Njabulo Nzuza stated; “we will call and lobby our own government to start a process of moving funds away from Absa because you can’t continue to work with a partner that continues to sabotage the people of this country.”
With this development, one can predict that Absa will be having a load of unpleasant issues to deal with. Last year, the EFF made it clear that the party members will be physically occupying all Absa bank branches this year when the party took their fight to the streets of South Africa marching in thousands for economic transformation of the country.
If you recall, the EFF stormed the Chamber of Mines, the South African Reserve Bank and the JSE in Sandton demanding that the big-shot financial institution in the country enable abounding opportunities for the “so long disadvantaged and marginalized majority”. That was when Julius Malema, the EFF leader made the statement below.
A special team has been established to work on occupation of Absa, we’ve a list of all branches of Absa, we’re not going to make announcement, you’re going to be told one morning when you wake up that Absa branches are occupied. We want to do that to demonstrate to (the) financial sectors that we are serious about (the) transformation of that institution. We’re using Absa because it’s an amalgamation of brutral born Afrikaners banks, so we’re taking the battle to them, and saying to them; you ought to transform, you ought to share the wealth of the country, you must participate in the development and empowerment of our workers, including our communities. So Absa is an unfortunate bank because…of it’s history and it’s relationship with secret society call brutal bond. So we’re going to be attacking them next year.