Tito Mboweni appointment as Finance Minister spells doom for working class
11 October 2018
The National Union of Metalworkers of South Africa (NUMSA) is disappointed by the decision made by President Cyril Ramaphosa, to appoint, former Reserve Bank Governor, Tito Mboweni to the position of Finance minister. This appointment was made in response to the scandal surrounding Finance Minister Nhlanhla Nene, who disgraced himself when he revealed that he had lied about his interactions with the Gupta family.
As NUMSA we celebrated when Tito Mboweni’s term as Reserve Bank governor came to an end. This is because Mboweni is hostile to the working class majority. During his tenure as governor of the Reserve Bank, he bent over backwards to champion neo-liberal macro-economic policies, of the governing party, the ANC. These disastrous policies have entrenched and empowered a small minority of White Monopoly Capitalists in the economy. In the last two decades of ANC rule, the African working class majority continues to suffer crippling poverty and unemployment, just like they did under Apartheid. They have not tasted genuine freedom and equality.
Mboweni actively promoted maintaining high interest rates. This had a negative impact on the economy and resulted in massive job losses, because hundreds of manufacturing companies closed down as a result of these policies. This crisis caused our members to march to his office in May of 2009 to hand over a memorandum on these and other issues. He displayed extreme arrogance when he refused to accept the memorandum of demands from our members, who were picketing peacefully about the effects of the extreme social and economic difficulties that they were experiencing at that time. Those conditions have worsened since he was at the helm, because the right-wing macro-economic policies which he actively pursued, together with his partner in crime, former Finance Minister Trevor Manuel, have intensified the suffering of the working class, and strangled what could potentially have been a very vibrant and productive manufacturing and industrial sector.
Furthermore, Mboweni has displayed willful ignorance of the dire economic hardships faced by the working class majority. An example of this was on the 22 October 2009, he made some very disturbing remarks about the impact of the 2008 Global recession. With the conviction of a self-righteous AIDS denialist, he made this outrageous remark: