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Tag Archives: South Africa

Is South Africa seeing a return to the rule of law? More evidence is needed

It  appears  as  if  the  Gupta  family, known for being politically connected to South africa’s President Jacob Zuma and accused of “state capture”, have not had a good start to the year. The country’s asset Forfeiture Unit has indicated that they’re pursuing 17 cases to recover r50 billion linked to state capture and corruption.  The unit, which falls under the ...

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Top job for south African gives African states sway at the iMf

South africa’s reserve Bank Governor, Lesetja Kganyago, has been selected as the first sub-Saharan african to serve as chair of the International monetary  and  Finance  committee.   The chair is appointed by consensus. The three-year appointment is not only an impressive personal achieve- ment, it’s also a significant opportu- nity for South africa and the african continent. The finance committee ...

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SA’s finance minister fails to come up with the goods

Given the gloomy political and economic environment in South Africa a great deal was expected from Finance minister malusi Gigaba’s first budg- etary statement. The conversation’s Sibonelo radebe asked Owen Skae to rate the medium-term budget statement What are your general impres- sions of the speech? The minister’s opening remarks were encouraging but in the final analysis, nothing profound came ...

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Why South Africa shouldn’t turn to the IMF for help

The view that South Africa should look towards the International Monetary Fund (IMF) to be rescued from the unfolding economic meltdown seems to be growing by the day. It has been touted in the unlikeliest  of  plac-  es. Even the new Finance Minister Malusi Gigaba, a proponent of the so-called radical economic transfor- mation, has expressed willingness to engage the ...

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South Africa needs to sober up to save itself from sickly state- owned enterprises

The South African government is said to be seriously consid- ering selling its stake in tele- communication firm, Telkom, in order to save the troubled South African Airways (SAA). This has brought back debates  about  what is the right thing to do around the country’s state-owned enterprises. Sibonelo Radebe asked Seán Muller to weigh up the options. What does financial ...

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What KpmG’s Gupta Imbroglio says about corruption in South Africa

As far as corporate account- ability goes, the recent announcement that the CEO and    seven    senior  executives at auditing and consultancy firm KMPG in South Africa have resigned is a welcome  development. By resigning, the KPMG exec- utives reinforced the principle of executive responsibility. This is a matter not taken seriously in South African culture, particularly when it comes to ...

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Pursuing a 30-year old bailout is send ing South Africa on a wild goose chase

South africa’s Public Protector, Busisiwe Mkhwebane, has ignited a flaring grass fire with recommendations   around  a R1.2bn bailout paid to a local bank between 1986 and 1995. Known as the “Bankorp/absa lifeboat”, the payment has been a bone of deep contention, with investigations and reports stretch- ing back to the first presidents of south africa’s democracy, Nelson Mandela and thabo ...

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