Phala Phala report has more to do with ANC and the 2024 elections

The ANC has been on the political back foot for some time and has struggled to keep its head above water.


Now that the Brics Summit has come and gone, I wish to revisit the South African Reserve Bank’s Phala Phala statement. Just as many people – be it laymen like myself, professionals in the areas of finance, law and the religious groups – have already commented, I do think that the statement was a whitewash. It made no sense, even to experts in the fields of law and finance, who are more knowledgeable than me. There are also those who have questioned the timing of the release of the statement, which was released during the middle of the hype of…

Subscribe to continue reading this article
and support trusted South African journalism

Access PREMIUM news, competitions
and exclusive benefits

SUBSCRIBE
Already a member? SIGN IN HERE

Now that the Brics Summit has come and gone, I wish to revisit the South African Reserve Bank’s Phala Phala statement.

Just as many people – be it laymen like myself, professionals in the areas of finance, law and the religious groups – have already commented, I do think that the statement was a whitewash. It made no sense, even to experts in the fields of law and finance, who are more knowledgeable than me.

There are also those who have questioned the timing of the release of the statement, which was released during the middle of the hype of the Brics Summit, probably with the hope of making it disappear into the euphoria of the event. It probably did. I’m persuaded to agree with this sentiment.

ALSO READ: Report on Phala Phala ‘flimsy’, FF+ and DA reject SARB outcome

Whether the credibility, image and respect are still intact as a result of the said statement, only time will tell. However, I have another perspective, with respect thereto. I do think the statement has very “little” to do with the Phala Phala matter or the president himself. I believe it has “much more” to do with the ANC and the forthcoming election.

The ANC has been on the political back foot for some time and has struggled to keep its head above water. This has been recorded and shown by numerous market research results, since the presidency of Cyril Ramaphosa.

Corruption, the slow pace of law enforcement agencies in bringing the culprits of corruption to book, the sloppy manner in which the Hawks handled corruption cases and the mismanagement of state resources have been at the centre of the ruling party’s downward spiral.

ALSO READ: ‘Is Reserve Bank implying Ramaphosa is a thief?’- UDM gives bank 7 days to release Phala Phala report

The problem the ANC is faced with is a presentation of a credible leader who can substitute the incumbent. The current president is the very best the ANC can offer and that is why it will do everything to keep his credibility intact.

This was demonstrated by the quick manner in which it endorsed the Sarb report. The ANC could not wait for a single day to at least gauge the temperature surrounding the report. It sounded almost like some act of desperation and despair.

The opposition’s newly established league is also not helping the ANC’s cause, either. Just the thought of forming an alliance with the Economic Freedom Fighters (EFF) to salvage its already waning popularity gives the ANC nightmares, despite its brave utterances.

ALSO READ: ‘Confirmed our suspicions’- EFF may take Reserve Bank to court over Phala Phala decision

Under these circumstances, there are those within the ANC who would consider an EFF alliance, and there are those who despise it. The earlier mooted alliance with the Democratic Alliance also seems to have dissipated. All these obstacles put the ANC in a difficult conundrum.

Any plan that excludes the current incumbent as the presidential candidate may also prove to be suicidal. Therefore, no effort and resources will be spared to defend, protect and promote the image and credibility of Ramaphosa, at least until after the elections. But the cost is already astronomical.

-Monama is an independent commentator and a former Azapo leader.

Access premium news and stories

Access to the top content, vouchers and other member only benefits