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Mboweni’s appointment “spells doom for working class” – NUMSA

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NUMSA has warned that Mboweni’s appointment could spell disaster for workers.

The National Union of Metalworkers of South Africa (NUMSA) is not happy with President Cyril Ramaphosa’s decision to appoint Tito Mboweni as the new Minister of Finance.

The post was vacant after Nhlanhla Nene resigned, following backlash from his testimony at the state of capture inquiry. Nene admitted to having met with the Guptas on several occasions, this is contrary to what he told news channel eNCA back in 2015.

NUMSA said Mboweni, the former Reserve Bank Governor, is unsympathetic to the working class.

“As NUMSA we celebrated when Tito Mboweni’s term as Reserve Bank governor came to an end. This is because Mboweni is hostile to the working class majority. During his tenure as governor of the Reserve Bank, he bent over backwards to champion neo-liberal macro-economic policies of the governing party, the ANC”, said National Spokesperson Phakamile Hlubi-Majola.

They further accused him of pushing for high interest rates during his tenure, which had a negative impact on the economy.

Hlubi-Majola added: “Mboweni actively promoted maintaining high interest rates. This had a negative impact on the economy and resulted in massive job losses, because hundreds of manufacturing companies closed down as a result of these policies. This crisis caused our members to march to his office in May of 2009 to hand over a memorandum on these and other issues. He displayed extreme arrogance when he refused to accept the memorandum of demands from our members, who were picketing peacefully about the effects of the extreme social and economic difficulties that they were experiencing at that time.”

Thabo Baloyi
[email protected]