The Economic Freedom Fighters (EFF) has rejected the government’s inclusive growth plan pronounced by the Minister of Finance, Minister Malusi Gigaba.
To the Fighters, the plan the Minister shared has clearly indicated that President Zuma’s administration and the ruling party – African National Congress (ANC) are clueless about the economic challenges facing the country.
“It is not a surprise that South Africa is in recession, downgraded to junk status and facing an unimaginable job loss crisis,” asserted Malema’s party.
With the above, EFF highlighted reasons why the government’s inclusive growth plan is a complete mess. The reasons include:
1. The plan reaffirmed Washington Consensus’ 10 commandments
“The purported government’s inclusive growth action plan is nothing but a reaffirmation of Washington Consensus’ ten commandments to entrench neoliberalism,” the Fighters specified.
EFF pointed out that a misguided notion about South Africa’s solution to poverty, unemployment and inequality being business led inclusive growth, is at the centre of the plan.
The party added that it’s obvious the heart of the plan is the Minister’s intent to prioritise earning business confidence in order to drive economic growth.
For the Fighters, this move is simply stupid. “..It is the very same macroeconomic policy that has led to the crisis we face today,” they said.
2. The plan confirmed Gordhan’s removal was a witch-hunt
According to EFF, the government’s inclusive growth plan has confirmed that the axing of the former Minister of Finance was a witch-hunt.
“…The plan is a confirmation that former Minister Pravin Gordhan was not removed for policy matters or because he was protecting white monopoly capital.
This is because the plan is a repetition of his plans and macroeconomic logic.”
3. It’s a repetition of what the apartheid government did
This is about the intent to fast track the process of privatising state-owned entities (SOEs) as highlighted in the government’s inclusive growth plan.
EFF said the move to privatise SOE is being done under the pretence of disposing of non-score assets.
“Beyond this being a process of privatisation, it is fundamentally about the Zuma administration, like the apartheid government did in its dying days, engaging in a process of transfer of assets to a politically connected few for a fraction of these assets true value.
“That is why a 21-year-old Atul Gupta nephew ended up in a corrupt joint venture with Denel Asia.
“The state cannot lead industrialisation without SOEs and it is for this reason that pervasive privatisation of taxpayers assets must be rejected,” the fighters charged.
4. The plan wants to put money where it can be easily looted
Here, Juju’s party established that the recapitalisation of SOEs is nothing but a bailout of entities which were mismanaged to create an enabling environment for looting.
“The plan to bailout SOEs without a proper overhaul of corrupt boards and senior managers such as at Denel, Transnet, Eskom, SAA and others is nothing but a deliberate decision to put money where it can be looted with ease,” EFF upheld.
The party offered that instituting a proper accountability structure in SOEs and conducting thorough investigations into the board and senior management appointment would go a long way in rebuilding the entities.
“It is only through this process that appointments of boards and senior management can ensure the rebuilding of SOEs,” the party added.
5. It’s a Gupta faction plan
Again, EFF asserted that the government’s inclusive growth plan has made obvious the fact that President Zuma’s administration has lost all legitimacy.
There is no coherent plan to deal with the crisis facing South Africa, the party wailed.
EFF said the plan Malusi Gigaba presented failed to say anything about radical economic transformation. And, didn’t give any responsibility to the Minister of Economic Development or Minister of Trade and Industry.
According to the Fighters, both departments ought to be at the forefront of coordinated government inputs into stimulating economic growth.
“..The plan is a Gupta faction plan that is trying to mislead South Africans into thinking the ANC is working on an economic recovery plan when it is not,” EFF proclaimed.