Cloud of doubt hangs over Gigaba's credibility, capabilities

Cape Town – Opposition party members who serve in Parliament's finance committee are sceptical of newly appointed Finance Minister Malusi Gigaba's credibility as the steward of South Africa’s public finances and his ability to steer a prudent fiscal ship. 

President Jacob Zuma in the early hours of Friday March 31 reshuffled his Cabinet and sent shock waves through the country when he dismissed Pravin Gordhan as finance minister and Mcebisi Jonas as deputy finance minister.

He replaced them with (former home affairs minister) Gigaba as the new finance minister and ANC MP Sfiso Buthelezi as his deputy. 

READ: Gigaba's first 24 hours: Insight into the future 

The Democratic Alliance’s David Maynier, his party’s shadow minister of finance, said the impression that Gigaba was appointed with the Guptas’ “stamp of approval” was reinforced on Saturday when the minister, during his first media conference, declined to answer questions about his perceived ties with the controversial family. 

“He zigzagged his way around hard questions about his relationship with the Guptas. The minister can run, but he cannot hide from these questions,” Maynier said. 

He called on Gigaba to issue a public statement, setting out all the facts, including the details of every meeting, every decision, and every gift ever received from or relating to the Guptas. 

“He also needs to reassure the public that he is committed to serving the public interest rather than the private interests of the Guptas,” Maynier said. 

READ: 'I have not business interests' - Gigaba

“The one thing we simply cannot afford is for the whiff of corruption and maladministration to waft around National Treasury.” 

Inkatha Freedom Party (IFP) MP Mkhuleko Hlengwa told Fin24 by phone that the question is not whether Gigaba is “capable or not”. 

“The IFP is concerned about stability in National Treasury,” Hlengwa said.

According to him, there are evidently two groupings within the ANC – one group which is in favour of reckless spending and another which tries to be responsible with South Africa’s public purse. 

“The appointment of Minister Gigaba seems to be an effort to capture National Treasury. It would do the new Finance Minister well to prove that he is willing to rise above that perception and to act to inspire confidence.” 

Hlengwa said his party is still of the view that recklessness and irresponsible behaviour are the main reasons for Zuma’s cabinet reshuffle. “And Minister Gigaba is at the centre of this controversy.” 

Nqabayomzi Kwankwa, United Democratic Movement MP, said his party doubts that Gigaba, although a capable leader, is the right person for the finance portfolio. 

“At his press conference on Saturday (April 1), the minister made a comparison between himself and former finance ministers Trevor Manuel and Pravin Gordhan,” Kwankwa said.

READ: Treasury welcomes Gigaba with a warning 

“But Mr Manuel served as Trade and Industry Minister and served on the ANC’s economic desk before becoming finance minister. Pravin Gordhan was SARS (South African Revenue Service) Commissioner which prepared him for the job of finance minister.” 

Gigaba on the other hand, Kwankwa said, has not been properly prepared. 

The UDM calls on the new finance minister to lead by example and subject himself to a lifestyle audit. 

“If you lead such an extravagant lifestyle as he is you can’t tell the rest of the country to tighten their belts.” 

Kwankwa said he doubts if Gigaba would be able to “hit the ground running” to be able to ignite economic growth and create much needed jobs in South Africa.