Keeping Nene as finance minister is the right economic decision - economist

It is business as usual at the office of Finance Minister Nhlanhla Nene despite his resignation drama.

The minister is expected to travel to Indonesia on Tuesday to represent South Africa at the annual meeting of the International Monetary Fund (IMF) and the World Bank.

Senior research fellow and political economist at Trade Collective, Lebogang Pheko says keeping Nhlanhla Nene as Finance Minister is the right economic decision because he is competent and has managed the countries finances effectively, more so than other ministers.

Read: 'I have no sympathy for Nhlanhla Nene, he knew exactly what he was doing'

The dilemma is what should be done ethically and what should be done in terms of the right economic decision are quite dissimilar. The right decision, in my opinion, is actually to keep the man on.

Lebogang Pheko, Political Economist at Trade Collective

The ethical dilemma is that he met with the Guptas, it doesn't matter whether they met at their home or at McDonalds the point is that the optics of that are very problematic.

Lebogang Pheko, Political Economist at Trade Collective

Pheko says this matter should be located within the context of a broader ethical paradigm because there are other ministers who also have met with the Guptas.

Now, trade union federation Cosatu has also joined the EFF in calling for Minister Nene to resign.

Mike Shingange, Cosatu first deputy president, says Nene should step aside and allow the country to focus on rebuilding the economy.

We can't afford to have someone like him (Nene) to defocus the country for this process.

Mike Shingange, Cosatu first deputy president

Shingange says they do not question Nene's credibility as finance minister but rather his ethics, because at the time when everyone was coming out telling the truth about meeting the Guptas he decided to keep quiet about it until now.

We don't know what else he hasn't disclosed to the country and what else he is being lying about, that's the main issue we having with him.

Mike Shingange, Cosatu first deputy president

Shingange says President Ramaphosa hasn't said anything about Nene but they are making a call for him to do the right thing and axe him because "the country has entered an era of accountability and transparency".

To hear the rest of the conversations listen below:


This article first appeared on CapeTalk : Keeping Nene as finance minister is the right economic decision - economist


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