Junk Begets Junk

Senzeni Na – in the vernacular of one of the most sophisticated economies of Africa it means simply: “What have we done?” I am wondering that as I return to my editor’s chair tonight after another day running through the streets with more than 100,000 of Africa’s angriest people. That is the reason why I changed my editor’s picture this month to nod to the fact FORBES AFRICA went among the people to report on one of Africa’s most crucial and fast moving stories first-hand – always the best way.

In short, South Africa made an attempt at economic suicide by reshuffling its cabinet and firing the respected finance minister Pravin Gordhan who had been working hard for 14 months to save the country from a downgrade to junk by the ratings agencies. I read somewhere that if he stayed in his job beyond March the markets would rally in celebration; the next minute I was thinking: Sezeni Na.

Clearly, President Jacob Zuma couldn’t manage the kind of leadership that would allow a person he didn’t get along with to do a job for the national good. Gordhan may not be everyone’s cup of tea, but I would have kept my worst enemy in the job if it meant my people didn’t have to suffer.

No, not a chance, the axe came down in a trice in March. Maybe the problem was Gordhan was trying to guard the national money chest. It was no surprise that the expensive nuclear program – long disputed by Treasury – got the green light days after the reshuffle.

Out went Gordhan and in came a relative novice, Malusi Gigaba, a man who is a sharp dresser but has never been involved in the country’s economic cluster. The way it was done stank. President Zuma summoned Gordhan back from London where he was – wait for it – about to meet with foreign investors to reassure them that his government was open for business. You can only imagine what those hard-headed investors must have thought as the finance minister bid them a premature farewell and rushed back to the airport.

Then there was a cock-and-bull story about Gordhan attempting to overthrow the country during his trip to London. Please. Why didn’t the intelligence people come up with something more credible, like Gordhan had been abducted by aliens? If the overthrow story was true, why have there not been arrests and treason charges?