MPs grill Gigaba on radical economic transformation

Finance Minister Malusi Gigaba on Tuesday said radical economic transformation should be neither feared nor suppressed, as South Africa has a legacy of left-behind people.

“Whatever the name you call it – accelerated growth, radical economic transformation or inclusive growth, we want to address the plight of these people.”

Gigaba faced a barrage of questions in his maiden appearance at Parliament’s standing committee on finance.

Gigaba, along with Deputy Finance Minister Sfiso Buthelezi, director general Lungisa Fuzile and other officials from the department, was briefing Members of Parliament on National Treasury’s strategic and annual performance plans for the 2017/18 financial years.

David Maynier, Democratic Alliance shadow minister of finance, asked Gigaba if he agrees with President Jacob Zuma’s idea of radical economic transformation as pronounced in the State of the Nation Address 2017.

He also asked the finance minister to clarify his stance on the nationalisation of banks and mines as his adviser, Chris Malikane, has expressed his views on nationalisation and taking up arms to achieve radical economic transformation on a number of platforms.

“Do you distance yourself from his mad ideas?” Maynier asked Gigaba.

Floyd Shivambu from the Economic Freedom Fighters said his party does not have an issue with the views expressed by Malikane. “In fact, his ideas are contained in the EFF’s pillars for radical economic change.”

ANC MP Yunus Carrim asked Gigaba to explain how inclusive growth and radical economic transformation tie in with each other.

He also asked Gigaba to give urgent attention to outstanding issues on which the finance committee has held public hearings, such as transformation in the financial sector, the issue of rotation of auditors and the vacancies at South African Airways.

Carrim said the process of appointing a chief executive officer and a chief financial officer at SAA has been long overdue, and the national carrier needs to make haste with these appointments in the next two to three months. – Fin24

We make it make sense

If this story helped you navigate your world, subscribe to the M&G today for just R30 for the first three months

Subscribers get access to all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.”

Liesl Peyper
Liesl Peyper works from Cape Town, South Africa. Financial journalist at Rapport Liesl Peyper has over 610 followers on Twitter.

Related stories

WELCOME TO YOUR M&G

Already a subscriber? Sign in here

Advertising

Latest stories

Research finds fitness trackers increase physical activity

During the Covid-19 lockdown many people discovered the benefits of wearables in maintaining fitness goals

Philippines election shows how personality politics is our collective future...

These elections are a warning of how history can be washed over and and used to promote modern dynasties

Newcastle blow up Arsenal’s Champions League dream

Mikel Arteta's men were well beaten by the Magpies to almost certainly seal their fate in next year's Europa League

Ingonyama Trust Board wins right of leave to appeal

Argument against the residential leases programme court ruling will be heard at the supreme court of appeal
Advertising

press releases

Loading latest Press Releases…
×