The ANC is technically insolvent as its liabilities exceed the value of its assets, according to the financial report tabled by outgoing treasurer-general Zweli Mkhize to the ANC national conference on Sunday. Mkhize says in his report that "a process of updating the valuation of our assets will soon need to be undertaken to ensure that the situation is regularised". The organisation is also R215m in debt and had a deficit of R47m over the past financial year. This was despite a debt-management programme over the past five years that brought debt down from the 2013 level of R249m. But two election campaigns over the period and several conferences saw debt balloon again by 2017. The ANC’s election campaigns have been an enormous drain on its finances. The party spent R750m on the national and municipal election campaigns, both held in the past five years. A feature of campaign rallies has become the distribution of free T-shirts that together with other promotional material cost R250...

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