Squabbles show resilience of SA’s institutions‚ says Godongwana

08 November 2016 - 18:54 By Genevieve Quintal

A lack of cohesion in the executive arm of government‚ a concern raised by rating agencies‚ was not all bad news‚ ANC economic transformation subcommittee head Enoch Godongwana said on Tuesday. The recent squabbles showed the resilience and strength of the country’s institutions‚ Godongwana told the Association of Black Securities and Investment Professionals (Absip) conference in Sandton. "There are things we are going through‚ a painful exercise. It is stressful for the nation and the party [ANC]."[But] the positive side to this... is the resilience of our institutions and strength of our institutions." Godongwana said institutions such as the Constitutional Court and the public protector had been put through "stress tests" this year.It has been a difficult year for the country and the governing ANC. There was the Constitutional Court’s Nkandla judgment‚ the charging of Finance Minister Pravin Gordhan and the subsequent withdrawal of the charges. Most recently there was the release of former public protector Thuli Madonsela’s report into allegations of state capture.There have also been growing calls for President Jacob Zuma to step down. Earlier this year ratings agency S&P Global Ratings affirmed the country’s investment grade credit rating‚ but warned that if the political dynamics went the wrong way‚ it could look to downgrade at its next review in six months. Moody’s new lead analyst for SA‚ Zuzana Brixiova‚ earlier this year also said that political divisions were the country’s biggest credit weakness.Godongwana said he was wary of a downgrade for the country in December. "I’m always afraid of the unknown... the stories you hear about other countries are terrible... I’m scared of a downgrade‚" he said.The integrity of SA’s institutions needed to be protected.He said the swell of support for Gordhan was not about the finance minister as an individual but the institutional integrity of the Treasury and the independence of the South African Reserve Bank."If you take away the jockey‚ who is going to ride the horse? You need a jockey who is going to be credible."- TMG Digital/BusinessLIVE..

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