ANC secretary general Ace Magashule. Picture: THULI DLAMINI
ANC secretary general Ace Magashule. Picture: THULI DLAMINI

One can only hope that Ace Magashule reads Claire Bisseker’s article, "How to Mug the Reserve Bank" (Features, June 13-19), to understand the damage he did to the rand with his misstatement about "quantity easing". In his appalling ignorance, Magashule couldn’t even get the terminology correct. But, worse still, he didn’t understand its purpose.

The situation reminded me of the story of a bank manager demanding that a client settle his overdraft: the client draws a cheque from the delinquent account in favour of the bank, believing the payment will settle the matter.

The ANC secretary-general is surely an embarrassment to the more enlightened minds in the party. But economics generally seems a mysterious subject to most of the ANC, as it muddles along trying to save unworthy state-owned entities (SOEs) from total collapse, alongside 200 moribund municipalities.

News of R180bn irregularly spent by SOEs in President Cyril Ramaphosa’s first year in office has dampened any hope of SA’s recovery. A Zimbabwe-like failure seems unavoidable.

Ted O’Connor

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