ANC welcomes the signing of three transformative bills into law
26 July 2024
The African National Congress (ANC) welcomes the signing into law of three progressive bills by President Cyril Ramaphosa: The Public Procurement Bill, the National Small Business Amendment Bill, and the Pension Funds Amendment Bill. These legislative measures are fundamental in ensuring comprehensive transformation in the economic lives of South Africans, and their strategic value cannot be overstated.
The Public Procurement Act is a significant step towards enhancing transparency, accountability, and fairness in our public procurement processes while promoting economic transformation for the previously disadvantaged.
This bill is a direct implementation of a recommendation of Judicial State Capture Commission on reforms to prevent future occurrence of state capture. This landmark legislative advancement confirms our commitment to combat corruption and promote ethical governance, as outlined in our 2024 election manifesto and policy positions. Its wide-ranging scope ensures that all procurement practices adhere to the highest standards of integrity and fairness.
Consistent with our manifesto commitments, the Act stipulates that, certain individuals, including public office bearers, employees of Parliament and provincial legislatures, and officials or employees of public entities, constitutional institutions, municipalities, and municipal entities, are prohibited from submitting bids. This provision is a crucial measure to prevent conflicts of interest and uphold the integrity of the procurement process.
Additionally, the Act includes measures to ensure that procurement processes facilitate economic opportunities for previously disadvantaged individuals and communities.
The ANC's 2024 election manifesto enjoined us to promote ethical governance and continue the fight against corruption. In pursuit of this objective, we have pledged to implement robust measures to ensure that public funds are utilized effectively and transparently. The signing of the Public Procurement Act represents a significant milestone in our journey towards realizing these goals.
Similarly, the National Small Business Amendment Bill is a crucial step towards addressing historical inequalities and broadening economic participation for a greater number of South Africans. The National Small Business Amendment Act will significantly enhance the accessibility and effectiveness of government assistance. The ANC remains committed to the transformation objectives outlined in our policy framework and our manifesto commitments, which emphasize support for small businesses as vital engines of economic growth and job creation.
We believe this progressive legislation will play a pivotal role in fostering a more inclusive, dynamic, fair, and equitable economy.
In addition, the ANC has long been committed to improving the financial well-being of South African workers. The signing of the Pension Funds Amendment Act directly supports our policy goals by reducing worker indebtedness.
The law provides immediate financial relief to workers, allowing them to access a portion of their retirement savings without the need to resign.
This flexibility helps workers manage unexpected financial needs and reduces their reliance on high-interest debt.
By preserving two-thirds of retirement contributions until retirement, the Act ensures that workers continue to save for their future, balancing immediate financial needs with long-term financial security. This dual approach promotes financial stability, which is essential for a resilient economy.
The ANC believes that this legislation is a critical step in our ongoing efforts to reform South Africa's retirement savings regime. The Pension Funds Amendment Act is a testament to our dedication to easing the burden of indebtedness on workers and promoting sustainable economic growth.
Overall, these three transformative pieces of legislation underscore the ANC's unwavering commitment to ethical governance, economic inclusivity, and the financial well-being of all South Africans. The ANC stands firm in its mission to create a prosperous and financially secure future for all South Africans.
Issued by Zuko Godlimpi, Acting National Spokesperson, 26 July 2024
