COSATU Gauteng is deeply concerned about Ekurhuleni and Tshwane municipalities’ lack of financial transparency and accountability

5 February 2024

The Congress of South African Trade Unions (COSATU) in Gauteng is deeply concerned about the recent notice issued by the Johannesburg Stock Exchange (JSE) regarding the failure of the Ekurhuleni Municipality and Tshwane Municipality to submit their annual financial statements. This non-compliance and lack of financial transparency raises significant questions about accountability and governance within these municipalities.

Municipalities play a crucial role in serving the needs of the community, and their financial health is paramount to ensuring the delivery of essential services to residents. The JSE’s notice underscores the importance of transparency in financial reporting, as it directly impacts the confidence of investors, citizens, and stakeholders in the municipalities.

COSATU Gauteng urges both Ekurhuleni and Tshwane municipalities to expedite the submission of their overdue annual financial statements to the JSE. This not only aligns with regulatory requirements but is also essential for fostering trust and confidence in the financial management of these municipalities.

In a time when economic challenges are heightened, it is imperative that municipalities demonstrate a commitment to accountability and transparency in managing public funds. Failure to provide timely financial statements not only hampers investor confidence but also raises questions about the ability of these municipalities to manage their finances responsibly.

COSATU Gauteng calls upon the relevant authorities to investigate the reasons behind the delay in submitting financial statements and to take swift action to rectify the situation. The public has a right to know how public funds are being managed, and any lapses in financial transparency must be addressed promptly to uphold the principles of good governance.

As a trade union federation, COSATU remains committed to advocating for the rights and well-being of workers and communities. We will closely monitor developments regarding the financial reporting of Ekurhuleni Municipality and Tshwane Municipality and will engage with relevant stakeholders to ensure accountability and transparency prevail.

Issued by Amos Monyela, Provincial Chairperson, COSATU Gauteng, 5 February 2024