IRR: Appoint independent experts to key growth portfolios
10 June 2024
Appointing a credible, qualified, and non-partisan individual to lead the Treasury offers a route to depoliticising key cabinet portfolios and allowing merit to take precedence over other considerations in government.
So says the Institute of Race Relations (IRR) in response to reports that, as political parties continue their negotiations over options for government formation, consideration is being given to the idea of appointing an independent minister of finance.
While the shape of a new government remains the topic of debate, considering appointing an independent minister of finance harkens back to the appointment of Chris Liebenberg in 1994. Liebenberg’s tenure in Nelson Mandela’s cabinet enabled the new government to earn credibility with key economic and market players. Although brief, this heralded the beginning of a decade of constructive fiscal prudence that would coincide with a period of strong economic growth and the roll out of numerous social support policies, from housing to social grants. The resulting socio-economic progress also coincided with the ANC’s only period of electoral growth, with the party going on to win just short of 70% of the votes cast in the 2004 national and provincial elections.
Liebenberg became minister of finance in September 1994 after being chosen by President Mandela for the role in an unorthodox move. As Liebenberg – then the CEO of Nedbank – was not a member of Parliament or an active politician, a constitutional change, today entrenched in section 91(3)(c) of the Constitution, was necessary.