Editorials 1.9.2016 07:00 am

Time to put an end to Gordhangate

FILE PICTURE: Finance Minister Pravin Gordhan and President Jacob Zuma. Picture: GCIS.

FILE PICTURE: Finance Minister Pravin Gordhan and President Jacob Zuma. Picture: GCIS.

This evidently self-serving harassment of Gordhan at the expense of the country has to come to an end.

Economists have warned of the huge cost to the country for the Hawks’ continued hounding of the finance minister, supposedly at the behest of a powerful ruling party faction led by President Jacob Zuma.

Yesterday, Fin24 revealed that Futuregrowth Asset Management, Africa’s biggest private fixed-income money manager, is to stop lending money to six of SA’s largest state companies because it is concerned about how they are being run, government infighting and threats to the independence of the finance ministry.

The companies involved are power utility Eskom Holdings, rail and ports operator Transnet, the South African National Roads Agency Limited, the Land Bank of South Africa, the Industrial Development Corporation of South Africa and the Development Bank of Southern Africa.

This is just one of many instances that highlight the devastating impact the Pravin Gordhan saga is having on the economy. The rand, which was on the recovery, has also not been spared, yesterday reaching the weakest closing level since July 7.

This evidently self-serving harassment of Gordhan at the expense of the country has to come to an end.

 

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