editor’s note
ROB ROSE: Why execs iced Gigaba
CEOs draw a line in the sand — there’s no point spending time on growth plans if Zuma is simply going to sabotage it all
Malusi Gigaba, SA’s slick and shiny new finance minister, must have revelled in swanning around Washington with a dazzle of cameras rotating around him alone. There was, after all, little risk of anyone snatching the limelight because this year, unlike on treasury’s previous charm offensives to the US, the minister wasn’t accompanied by people who actually run companies, like Telkom’s Jabu Mabuza, or the JSE’s Nicky Newton-King. This schism is a deeply troubling development and a fracture in the united front that had thwarted a series of seemingly inevitable credit downgrades over the past year. Until, three weeks ago, when President Jacob Zuma figured, oh what the hell, fired Pravin Gordhan anyway and catapulted the country into junk status. Last week the CEO Initiative, the group set up 15 months ago to work with Gordhan to prevent the downgrade, pointedly shunned a meeting with Gigaba.In an e-mail sent out to a small group of CEOs, the initiative explained: "Gigaba had requested ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.