Former SA Reserve Bank governor Tito Mboweni says investors are concerned about the ongoing political intrigue besetting the country’s key economic institutions and are convinced government is doing everything to “destroy” them.
Mboweni said he recently had “a very long and painful conversation” with a US-based fund manager, who manages about $1.4 trillion, regarding media reports around National Treasury, Sars, and the reserve bank.
The organisations have come under a lot of scrutiny over allegations of state capture and the evolving public spat between Finance Minister Pravin Gordhan and the Directorate for Priority Crime Investigation, better known as the Hawks.
One incessant question he says he is asked by investors is why these institutions are being “destroyed”.
“They say that these institutions have given them hope about South Africa. I said that we are not destroying these institutions. They did not seem to believe my story. Concerning [sic],” Mboweni said in Facebook post on Thursday.
The former governor is currently an international advisor to global investment banking firm Goldman Sachs and was recently appointed in August as chairperson of the Tourism Business Council of South Africa.
Here’s what Mboweni thinks the country should do to salvage its international market view (unedited):
- There may be “some amongst us” who don’t know.
- Our task, those who know, is to tell others. That is what I try to do on these pages.
- The world does not really beg us for anything. The gold is finished. Please wake up to this, dear people!
- If we want to be a global player, we need to be organised and serious. It is tough out there. Dog eats dog!!
- “Why are you people” trying to destroy the goodwill that you had”? We have to answer to that! My view is that we can still be on a good wicket!