Related Articles
Top Stories
May 25 2012 13:58
The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.
May 25 2012 19:13
Uncertainty over the future of the euro zone returned to push the rand down against the dollar.
May 25 2012 11:36
The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
Cape Town - An hour before the presidency released a statement about Finance Minister Trevor Manuel's resignation, ANC secretary-general Gwede Mantashe told Fin24.com categorically that Manuel was not going anywhere.
Mantashe said Manuel was an ANC cadre, deployed to that position by the ANC. He said that even if Manuel did move on after 13 years in the position, "life in the ANC did not revolve around one man".
How wrong the presidency's (intentionally?) ambiguous statement proved Mantashe. There are undoubtedly, as the ANC argues, many people in the ruling party who would be most able to take over from Manuel.
But amidst South Africa's current political dramatics and in these globally fraught economic times, this is clearly not enough for the markets to hold on to.
To add insult to injury, Manuel's deputy, Jabu Moleketi, is also among the 14 ministers and deputy ministers on the list of resignations.
Panic was the name of the game for about an hour. The rand's negative reaction was immediate.
Then Manuel's office clarified the issue, saying his resignation is a technical one.
As his office explained, Manuel "serves at the president's pleasure". In other words, the president appointed him and so, if the president goes, he also goes.
Exactly why Minister of Health Manto Tshabalala-Msimang, Justice Minister Brigitte Mabandla and Minister of Communications Ivy Matsepe-Casaburri do not have the same view of their positions is fascinating but probably self-explanatory, given their dismal track records and potential for re-employment in the cabinet.
They survived under Mbeki's protection and, possibly, Manuel and Moleketi do not want to be retained with "Mbeki camp" labels hanging over them for all and sundry in the ANC alliance to take potshots at.
It's understandable if they are to be re-employed, it will be with Acting State President Kgalema Motlanthe's full backing.
Manuel's spokesperson, Thoraya Pandy, says he will be willing to serve under the next president.
If it was his intention, the political point to the ruling party was made loud and clear.
At this stage, they many need him and his experience more than he needs them.
- Fin24.com