The announcement of a newly constituted cabinet must be applauded as a significant step in the President’s effort to win back much-needed domestic and international investor confidence. While we welcome these changes for the most part, we remain justifiably concerned about the retention of compromised individuals still under the cloud of state capture and maladministration.
Any trust in the state’s ability to effectively and responsibly manage South Africa’s return to an investment- grade rating is tied – to a large degree – to the professional skill and standing of its cabinet. This is a long- awaited, and crucial step towards addressing the legitimate misgivings regarding the previous administration.
The banking sector welcomes the return of Nhlanhla Nene as Minister of Finance. Ethical leadership at National Treasury is the most critical anchor point in our plans to grow our economy and to meaningfully drive an environment that legitimately promotes growth, creates jobs and lifts South Africans out of poverty. Treasury must be entrusted to a leader who is untainted by the devastation of corruption and state capture.
What is critical, is that the President is showing progress on the commitments he made in his State of the Nation Address earlier this month. While this is just one of many steps still needed, we welcome the President’s efforts to make these necessary changes. We will continue to watch, and hold to account the entire cabinet in terms of its performance, delivery and ethical leadership.