Banking Association Happy With ANC NEC’s Reaffirmation Of Confidence In Gordhan


The Banking Association South Africa has expressed happiness and satisfaction over ANC NEC’s decision on the scuffle between Finance Minister Pravin Gordhan and Sars commissioner Tom Moyane.

The association, which is an industry body representing all registered banks in South Africa postulated that ANC NEC reaffirmation of confidence in Gordhan is really a welcome development.

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Reacting, the association’s MD, Cas Coovadia, said the body welcomes and shares in particular, the confidence that the ANC NEC has expressed in the the banking association of South Africa.

The MD maintained that “at this critical economic and fiscal juncture, it provides a timely degree of political certainty and assurances to maintaining stability in the political leadership of National Treasury.”

He further opined that “It is also a critical requirement in our collective national effort to get behind the 2016 Budget to boost confidence and inclusive growth in the economy, attract investments and possibly avoid a further ratings downgrade.”

Coovadia said there is no doubt that the current political climate and governance of state institutions are significant factors underpinning business and investors’ confidence locally and globally.

And that it has a significant bearing on the economic trajectory of our country and our outlook as an investment grade destination.

He however added that he is worried about the alleged “state capture” and influence of the wealthy Indian-South African Gupta family.

“As patriotic corporate citizenry we remain deeply concerned and disturbed that the worrisome trend of undue and illegitimate influence and interference in the state continues to represent a clear and present danger and threat to the stability of our Constitutional democracy,” Coovadia said.

He further said that the affirmation by the ANC that the appointment of Cabinet ministers and deputy ministers remains the prerogative of the President in accordance with the Constitution is welcomed.

Furthermore, the association also said that ANC’s decision to take no action against Deputy Minister of Finance, Mcebisi Jonas, for stating that the Guptas had offered him the top post in treasury is a huge relieve to the banking association.

“We must be clear that ‘state and corporate capture’ is a euphemism for blatant corruption and is not in keeping with the central tenets of our Constitutional democracy.”

“This cannot be conflated with legitimate engagements between ethical and responsible corporate citizens, business leaders and government to achieve innovative solutions and ideas to our country’s challenges and objectives,” the association stated.

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