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Faizel Patel, Radio Islam  - 17-01-2020

(Twitter: @FaizelPatel143)

 Pic: iOL Pic: iOL

An economist has told Radio Islam that finance minister Tito Mboweni is doing an excellent job of his portfolio and understands the financial markets and economy unlike his colleagues in the African National Congress (ANC).

Mboweni has been cautioned by the ANC about the implications of his comments about the party’s position to nationalize the South African Reserve Bank.

The finance minister who is also an NEC member tweeted that the ANC adopted the wrong resolution during its policy conference in 2017 by wanting the central bank to be nationalized.

He took to Twitter on Tuesday to ask what the ANC hoped to achieve by nationalizing the bank.

Speaking to Radio Islam, economist Dawie Roodt says while the minister is outspoken about his views on state owned entities and the Reserve Bank, it’s not in line with the thinking of the ANC and the tripartite alliance.

Roodt says he has a suspicion that there will be some sort of confrontation between Mboweni and the party.

“I also have a suspicion that the day may come pretty soon where Tito Mboweni is going say ‘listen, enough is enough. I am not prepared to go on as minister of finance because this people simply do not want to listen to me’ and I think he’s not going to be around as minister of finance for that much longer.”

Roodt says Mboweni is the perfect person for the finance minister job.

“Fortunately perhaps one should say is that ideologically he is not sitting around the same fire as most of his colleagues. He is an ANC member perhaps, but he is not one of those radical socialists or communists. Certainly not, because he understands the financial markets and the economy.”

Roodt says Mboweni is not part of the Cyril Ramaphosa or Ace Magashule clique, but rather a ‘lone voice in the wilderness’ and if the finance minister is replaced, it’ll be a huge loss to South Africa.

 

Listen to the interview with Dawie Roodt