The fact that the Minister of Finance, Pravin Gordhan, will be prosecuted and arraigned on charges of fraud and theft is a disaster for the economy in South Africa.
The news, which comes two weeks before the tabling of the crucial Medium Term Budget Policy Statement on 26 October 2016, has caused the rand to plummet, and will make a sovereign ratings downgrade more likely in South Africa.
The Minister maintains that the transaction, relating to the early retirement of the former Deputy Commissioner of the South African Revenue Service, Ivan Pillay, for which he will be charged, was “entirely lawful”.
We must now trust the courts to determine whether there is any merit to these charges. And we hope that there will be no delay in bringing this matter to court because “justice delayed is justice denied”.
The fact is that, what Deputy President Cyril Ramaphosa, refers to as “a government at war with itself” is destroying any prospect of boosting economic growth and creating jobs in South Africa.