Burdened by the pains of being blamed for the mishaps in the country, President Jacob Zuma has once again spoken out in self-defense saying he is not to blame for the country’s economic woes and for Nenegate.
Seven months after former finance minister Nhlanhla Nene, President Zuma has continued to reject the perception that his move had any major impact on South Africa’s economy.
Zuma said: “The currencies of countries that have international trade linkages are contagiously linked to both domestic and global temporal events. This is called incidence of speculative attacks. SA is not an exception.”
He said this while responding to the DA’s David Maynier’s question on the matter.
Further in his response, President Zuma dismissed the notion that his toying with the chief finance position of the country starting with Nenegate, had anything to do with the immediate and obvious economic fallout, blaming any apparent crash on “speculative attacks”.
Blame Zuma and No One Else
SA’s economy has suffered series of lashes by several factors which include drought and China’s economic downturn. However, analysts put the blame on Zuma’s “unfavorable” economic policies including his removal of Nene who was overly loved by people for his role in the country’s economic growth.
Worst still is the steady dwindling of the rand which is now almost R18 to the dollar.
In response to this, Zuma noted that analysis of economic movements between November and December 2015 showed that global and domestic events and shocks were what hit the South African currency.
The action is believed to have wiped R500 billion from the South African economy – though the market has since recovered.
Even the Public Investment Corporation is on record for saying that R100 billion worth of its investments went down with Nene’s removal
Zuma said South Africa had nominated Nene for the position of head of the African regional center of the New Development Bank, also known as the Brics Bank.
Though the ex-minister is yet to receive any invitation from government on the issue, the president maintained that processes to make an appointment to that position are under way under the aegis of the New Development Bank in Shanghai, China.