The ANC-led government is not caring government
17 May 2016
Last week the Public Investment Corporation (PIC) appeared before the standing committee of Finance in Parliament and had shocking news to share of the damage caused to the South African economy as a result of the reckless and unintelligible decision taken by President Zuma last year when he fired the then Minister of Finance Nhlanhla Nene.
This selfish and reckless decision resulted in the Public Investment Corporation (PIC), which is a state owned investment fund managing more than R1,8 trillion in assets, to lose more than R100 billion in the first 48 hours after the announcement of Nene’s sacking.
The Government Employees Pension Fund, which manages the retirement funds of ordinary folk like teachers, police officers and nurses, lost R95 billion of its value.
The Unemployment Fund, that is supposed to assist the more than 300 000 more recently unemployed South Africans lost R7 billion.
The Compensation Fund, which assists employees made disable as a result of on-the-job injuries lost R3 billion. While a host of other funds forbore an additional R1,2 billion.
The total capital losses sustained by South African bonds and directly affected equities was recorded to be just over R500 billion. Please keep in mind that this was only within a 48 hour period after Nene’s sacking.
The ANC-led government is not caring government.
The people of South Africa needs a government that sets people free from poverty and that can create opportunities for individuals to prosper economically. The DA is that government.
The DA governed City of Cape Town recorded more than 10% less unemployment than any of the other ANC governed metros.
The expanded unemployment rate in the Western Cape is 23%, while in the Free State it is a horrific 39.4% which is 16.4% higher than in the Western Cape.
This is a clear indication that the DA is the only party that cares enough to create jobs where we govern. The people know that a vote for the DA is a vote for jobs.
Issued by David Van Vuuren, DA Chief Whip in the Free State Provincial Legislature, 17 May 2016
