‘We are not rich, but we are surviving’ – ANC to sell assets to pay off debt, wants funding act changed

African National Congress (ANC) treasurer-general Paul Mashatile says the cash-strapped party plans to get rid of assets to pay off its debt.

Mashatile briefed the media on the outcomes of the ruling party’s national executive committee (NEC) which was held over the weekend ahead of the 55th national elective conference in December.

On Monday, the treasurer-general said the ANC will sell some of its assets, particularly those in other countries, in order for the governing party to fund the payment of R500 million in arrears. 

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“We have a very comprehensive approach in dealing with our assets as we know the ANC was in exile for so many years. We took a decision that we should look at the state of some of those assets in the country and we will put all our properties in one company,” he said.

“However, there are properties in other countries that we feel we will not use anymore and those will be sold off. There are assets that are of historic and political value to the ANC like our headquarters in Lusaka and London.”

Political Party Funding Act

Mashatile also confirmed that the ANC has tabled its proposal on the possible amendment of Political Party Funding Act (PPFA).

“Many companies are a bit reluctant, but also there’s a limit on how people can donate in a year. That has created a lot of restraint on our fund raising efforts,” he said.

The ANC has repeatedly blamed the PPFA for its financial struggles, with the party being unable to pay its workers their salaries for several months since.

The PPFA requires that donations of R100,000 and upwards by parties and donors be disclosed to the Independent Electoral Commission (IEC).

READ MORE: Ramaphosa says ANC must address non-payment of staff salaries ‘as a matter of priority’

Political parties that violate certain sections of the Act could receive hefty fines, ranging from R40,000 to R1 million.

However, the ANC wants the current R100,000 threshold to be increased to R250,000 or R500,000 per year.

The governing party has also proposed that the amount of R15 million that a single individual or entity can donate be increased to between R50 million and R100 million.

Mashatile, meanwhile, further said the ANC has paid its staff to date.

“We will also be able to hold a successful conference and we will be able to pay for our creditors, venues and hotels. We are not rich, but we are surviving.”

[In Pictures] @MYANC media briefing post-National Executive Committee (NEC) meeting. pic.twitter.com/az2mOqLUPB

— African National Congress (@MYANC) November 14, 2022

Phala Phala

Mashatile also remained mum on what President Cyril Ramaphosa told the ANC NEC regarding the burglary at his Phala Phala farm in Limpopo, saying it was confidential.

A progress report on Phala Phala, however, stated that Ramaphosa brought the ANC in disrepute.

The treasurer-general also refused to give deadlines on when the integrity commission would eventually table before the NEC its report regarding Phala Phala.

READ MORE: ANC NEC: Ramaphosa’s detractors call for his head over Phala Phala debacle

“The integrity commission reports to the NEC whenever there are issues they need to report and that’s why I said on Friday there is a report that is going to be tabled. It is has nothing to do with Phala Phala, it was a report of the integrity commission on other matters and that report was tabled.

“Then the NEC said they had some questions around that report and they would like the integrity commission to be invited to come and assist in answering some of the questions they had,” he said.

“On the issue that affects the president, the integrity committee is still working on those matters so they have not reported back to us except that a draft report was leaked in the media. There’s no report that has come to the NEC because they are not ready yet.”