Al-Nakba is an Arabic term that sociopolitically means “a day of great disaster” and in the light of the ANC’s political disaster regarding the events of December 2015 in the Treasury, party members should examine the political risks of many of its influential leaders occupying personally beneficial positions in the mainstream business sector.
Monopoly capital has recruited members of the ANC national executive committee on to its boards and advisory councils, winning unparalleled policy influence inside the ANC.
The economic Growth, Employment and Redistribution policy (Gear) during former president Thabo Mbeki’s term saw South Africa shift focus from manufacturing to services. With that came inequality-seeding GDP growth led by banks.
Gear saw South Africa’s growth averaging 3%, yet unemployment remained unchanged above 24%. Gear laid a foundation for more and prolonged unemployment and negative employment participation rates. The main thrust of the policy was trade relaxation, deregulation and privatisation.
The sudden removal of Nhlanhla Nene as minister of finance in December 2015 was inevitable as internal policy tensions reached boiling point.
At the Convention for a Democratic South Africa talks, FW de Klerk demanded whites hold a constitutional veto power over Treasury. This was denied, but when he cunningly engineered its quasi-independence instead, he achieved his goal of restraining ANC power.
When the December 2015 ANC al-Nakba occurred, it was clear the ANC was being tested to the core – and it failed. Former Treasury deployee Maria Ramos led a group of international and local bank CEOs to Luthuli House to muscle back power to bankers.
By demanding their preferred finance minister, bankers cemented corporate feudalism in SA. In December 2015, politically exposed persons in the financial services sector reminded many that economic power was not in the hands of the majority.
When the ANC is confronted with having to enact transformational laws, its leaders embedded in the targeted corporations become paid gatekeepers and insider traders.
Major mining firms and top banks have power through the likes of Saki Macozoma, Tokyo Sexwale, Trevor Manuel, Cyril Ramaphosa and Joel Netshitenzhe as double insiders. The list includes those making a return to critical ANC positions like Sydney Mufamadi, Mavuso Msimang, Sipho Pityana and others.
Banks can short the rand to force policy on the ANC, knowing nothing can be done to stop them. Monopoly capital is hoarding R1 trillion in cash and, likewise, nothing can be done to regulate them into reinvesting these huge profits back into the economy.
Monopoly capital, the judiciary, the mainstream media and internationally funded NGOs continue to consolidate power and challenge the ANC’s hegemonic position with success. Meaningful economic transformation will not occur with gatekeepers at the helm and within the policy power structures of the tripartite alliance.
The ANC should regard the events of December 2015 as a national security threat. This untransformed economy poses a security threat to the majority. There are conflicts of interest in ANC NEC members holding corporate sector jobs and Cabinet members holding shares in firms they are responsible for regulating.