Letter to the Editor – All the President’s Men

By Francois Rodgers, MPL, DA KZN Spokesperson on Finance:

JACOB Zuma’s dismissal of Finance Minister Nene can only be described as absurd during the current challenging global economic times. Even more bizarre is that the President offered no substantial reason for this move.

It is evident that this is a Luthuli House decision based on power and in particular power surrounding the President. Again, it is nothing more than the President surrounding himself with “yes” men or “all the president’s men”!

It is abundantly clear that the President has no understanding of economics and the impact of his rash decisions will impact most on the poorest of the poor. The immediate reaction of SA’s rand following the announcement is a fine example.

But then this is a President who can’t differentiate between a thousand and a billion or a million when publicly speaking on finance.

Zuma’s new appointee, David van Rooyen, is mostly unknown in the financial market with most of his experience obtained in the field of municipal finance.

His subsequent Twitter comments send shivers down the spine – “not even my first day on the job and the rand is already at a record high! This gig is going to be a piece of Woolies red velvet cake#askiji” followed by “Everybody just chill. I got this”.

The astounding developments of the past few days will no doubt have a detrimental effect, not only on our country but also on investor confidence in KZN – this at a time when we least need it.