Reserve Bank’s findings on Phala Phala raise even more questions about dollars

21 August 2023

The report and the findings of the South African Reserve Bank relating to the events on President Cyril Ramaphosa's game farm Phala Phala, raise more questions than they provide answers about the matter.

According to the Reserve Bank, no evidence could be found of a transaction involving the sale of buffalo and, consequently, no exchange control regulations were contravened.

This justifiably raises the question of how the dollars ended up on the farm in South Africa if there is no evidence of any transaction.

This surely serves as proof that the foreign currency ended up on the farm in some illicit manner. The fact that foreign currency was stashed away on the farm has never been disputed.

The Reserve Bank's findings show that the FF Plus was right all along to demand that the parliamentary ad hoc committee tasked with investigating the matter should have taken it further to get to the truth.

This did not happen because the ANC exploited its power in numbers in Parliament to prevent the investigation.

The Reserve Bank does, however, confirm the ad hoc committee's finding that there are certain aspects relating to the incident that President Ramaphosa must explain.

The President owes the South African public an explanation. If he keeps refusing to play open cards, Parliament must once again take steps to thoroughly investigate the matter.

Issued by Pieter Groenewald, FF Plus leader, 21 August 2023