Jonas could be the next finance minister, minus his ‘R600m’ of course

As the pressure mounts on President Cyril Ramaphosa to let beleaguered Finance Minister Nhlanhla Nene go or fire him, the name of former deputy finance minister Mcebisi Jonas has come to the fore as a suitable replacement due to his experience in the department and his apparently clean hands with regards to the state capture scandal.

Political analyst Daniel Silke believes Jonas and Reserve Bank governor Lesetja Kganyago are the most suitable and credible candidates to fill the gap to keep the markets and investors happy. He has also suggested Gauteng finance MEC Barbara Creecy as another person that should be considered, although she is not as strongly favoured as the two, in his opinion.

“Although no one is indispensable, I think the fact that both Jonas and Kganyago are not high-profile ANC members makes them eminently suitably qualified. They are highly credible candidates with knowledge of economics, and the appointment of either of them would add value to the (finance) portfolio,” Silke said.

Asked about the suitability of Nene’s current deputy, Mondli Gungubele, the analyst said it would be unwise of Ramaphosa to appoint an unknown figure so early, and the markets would not react well to it.

“The markets would want someone they can identify with, and any wrong move could rattle the South African economy as far as investor confidence in concerned. It is now clear that a credible candidate is needed in the light of the Nene scandal,” Silke said.

Jonas, who is favoured within and outside the ANC, was credited with blowing the whistle on an alleged attempt by the Guptas to offer him the job as finance minister along with a ludicrous bribe of R600,000 in cash and R600 million more if he agreed to take the finance ministry job – where he was supposedly meant to act as a proxy to dish out favours to the Guptas.

Jonas was the first to testify at the Zondo Commission of Inquiry into State Capture, followed by another whistle-blower, Vytjie Mentor. Both Mentor and Jonas said they had refused job offers from the Guptas.

The appointment of Jonas, who served as deputy finance minister under both Pravin Gordhan and Nene, could be seen a reward for his bold anti-corruption stance.

Some have suggested that Ramaphosa should return Gordhan to the portfolio while others want to see Gordhan’s predecessor, Trevor Manuel, back in the position. But most analysts believe Gordhan is currently needed where he is, as a strong force to deal with ongoing corruption in state-owned enterprises.

Ramaphosa has a huge list to choose from among ANC parliamentarians and the party’s national executive committee members. Others whose names have been on the lips of those in the know have been former Reserve Bank governor Tito Mboweni and ANC economic transformation head Enoch Godongwana. But both men have publicly stated before that they are not interested in the position.

The president would be wary of reappointing Malusi Gigaba as the finance minister. Ramaphosa was heavily criticised for keeping Gigaba in Cabinet when he took over in February and then shifted Gigaba to home affairs and replaced him with Nene.

Silke said it would be a big risk to return Gigaba because that would send a bad signal to markets. The idea would also undermine Ramaphosa’s “New Dawn” promise.

– ericn@citizen.co.za

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