The Black Business Council (BBC) has welcomed the assurances given by the ruling African National Congress (ANC) that it would not allow South Africa’s sovereignty to be hijacked by private interests.
The council on Wednesday said the call made by the ANC through its National Executive Committee (NEC) for members to come forward with information that would assist it in dealing with the allegations of State or party capture by business, in addition to a commitment by the NEC to develop a code of conduct for ANC members doing business with the State, was a step in the right direction.
The BBC said in a statement that all members of society had a duty and responsibility to safeguard the country’s institutions, especially the integrity of South Africa incorporated.
As such, the council appealed to the broader society to volunteer information to enable institutions to take necessary steps where the relationship between the State and business had been compromised.
The BBC reiterated its call for all sectors, especially the business community, to relentlessly work together in building confidence in South Africa and stimulate economic growth.
Meanwhile, The Banking Association South Africa (Basa) welcomed the confidence that the ANC NEC had expressed in Finance Minister Pravin Gordhan.
Basa MD Cas Coovadia added that it was a critical requirement in the association’s collective national effort to get behind the 2016 budget to boost confidence and inclusive growth in the economy, attract investments and possibly avoid a further ratings downgrade.
He added that by urging government to rapidly resolve the challenges confronting the financial viability and governance of State-owned enterprises, the ANC NEC acknowledged that serious and urgent reforms were essential to ensure the stability and sustainability of these entities.
“They have a far-reaching impact on our economic, fiscal and international competitive outlook,” he stated.
Coovadia further said the current political climate and governance of State institutions were significant factors underpinning business and investor confidence, locally and globally.
“The affirmation by the ANC that the appointment of Cabinet Ministers and deputy Ministers remains the prerogative of the President, in accordance with the constitution, is welcomed.
“However, as patriotic corporate citizenry, we remain deeply concerned and disturbed that the worrisome trend of undue and illegitimate influence and interference in the State continues to represent a clear and present danger and threat to the stability of our Constitutional democracy,” he added.