Eusebius: 'ANC's corrupt cadres are part of the reason for the high fuel price'

Following a fuel increase that pushed petrol to around R16 a litre, the African National Congress (ANC) released a statement calling on the government it leads to address the country's economic issues.

Eusebius says when it is convenient the ANC makes a separation between party and State. But, he says, writing a statement aimed at the governemnt, is in fact, writing a statement to itself!

READ: EFF's Shivambu's comments are race baiting 101- Eusebius McKaiser

Eusebius says there are a couple of problems with the ANC's statement which blames the petrol increase on trade wars that happened between America and the rest of the world.

There are a couple of problems with the ANC's statement, I am afraid it doesn't wash. Firstly, there are always external factors as well as internal factors that explain the economic crises in the country.

Eusebius McKaiser, Show Host.

In other words, there are factors slightly beyond your control, that economists refer to as exogenous, which is just a fancy words for things beyond my control. And then there are endogenous factors which again is another fancy word for the things that I did wrong.

Eusebius McKaiser, Show Host.

And invariably when you have an economic crisis, there is a combination of external factors and internal factors that explain why you are in a hot mess.

Eusebius McKaiser, Show Host.

What the ANC statement does is, it gives you half of the story. Because it says ok, things that happened out there in the world affect what happens here in South Africa. And it is unsurprising that petrol is now expensive with the knock-on effect that the cost of living will now increase as a result because the trade wars happening to America and other countries affect us here.

Eusebius McKaiser, Show Host.

That is true, but what they leave out, is that as Busisiwe Radebe from Nedbank explained to us wonderfully yesterday, the makeup of the cost structure that goes into the decision about whether to hike the price of petrol and by how much, also include factors that are completely within our control.

Eusebius McKaiser, Show Host.

So the ANC's corrupt cadres that have been seconded to the state are very important part of the reason why we are paying as much as we are paying.

Eusebius McKaiser, Show Host.

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