You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

State must ‘rid’ country of corruption and inefficiency – Mboweni 

Finance Minister says the government is looking to improve the investment environment for investors.
Government can't claim unclaimed pension benefits. Image: GCIS

Finance Minister Tito Mboweni acknowledges that the government has to work hard to get the buy-in from pension funds to invest in its planned infrastructure development projects.

Mboweni was responding in writing to a parliamentary question from IFP MP Mfakazeleni Buthelezi, who asked, given the “brazen display of corruption, negligence and incompetence,” how the state is going to get the pension funds to support these projects.

In response, Mboweni admitted that corruption and the government’s lack of performance is an issue.

“The best way to inspire confidence in any government project is to generate economic growth, rid our country of corruption and inefficiency and to ensure that the people of our country can trust public servants who manage the projects in which they invest their funds,” he said.

Mboweni did not address the issues of corruption and state inefficiency directly, but pointed out that the government is looking to improve the investment environment for investors by focusing on stabilising debt and improving economic growth, as indicated in its Medium-Term Budget Policy Statement.

In response to another question by Buthelezi, on whether unclaimed pension benefits can be used by the state to deal with the Covid-19 crisis, Mboweni said this cannot be done because the money does not belong to the government.

“Unclaimed benefits are no different from any other retirement fund benefits, meaning these benefits belong to members and beneficiaries. They are therefore held and managed by boards of trustees of these funds, and not government.

“Government is therefore not in a position to access or utilise unclaimed retirement fund benefits.”

There is also the matter that these funds are not centralised and held in one fund, making it difficult for any state entity to access or manage it.

However, it seems that people who are taking strain during the crisis can expect some relief.

“As announced in the recent Medium-Term Budget Policy Statement, government will introduce necessary legislative amendments next year to allow for limited withdrawals from retirement funds under certain circumstances, but linked to mandatory preservation requirements.”

AUTHOR PROFILE

VIDEOS

COMMENTS   27

Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

Sorry Mr/Mrs Sub-Editor, you seem to have made a mistake – I think you meant: “State must ‘rid’ country of the ANC …”

Sorry I can only give you 1 vote, I would give you 100.

Rah rah — need Western money but will only steal it when in possession thereof —

Methinks the begging bowl will go unfilled in this era !!

Sorra !!!

you can’t get rid of an concept ( corruption and inefficiency ) you must get rid of the peoples that causes this…it means you brothers and sisters,cadres in arms…right?

Tito, my man you must have drawn the short straw. That time of the year when the real thieves send a good guy out to say something for the nation.

🙂 …no pwgg, you have me in stitches!

It is impossible to rid socialism of corruption and inefficiency because those factors are inherent to socialism. The system relies on the principles of redistribution, to take form some citizens what belongs to them, and to hand that property to others to whom it does not belong. Either through progressive taxation, taxes on capital, BEE, cadre deployment, SOE monopolies, jobs reserved for cadres, or the unequal treatment of citizens. Socialism is inequality before the law. A perversion of the law. Legalised plunder.

How can any system enforce morality, ethics and efficiency when it was the antithesis of those factors that brought this system into existence? Can a lamb kill the ewe that nurtures and feeds it? Can a jackal pup be turned into a lamb?

“A social order is doomed if the actions which its normal functioning requires are rejected by the standards of morality, are declared illegal by the laws of the country, and are prosecuted as criminal by the courts and the police. The Roman Empire crumbled to dust because it lacked the spirit of liberalism and free enterprise. The policy of interventionism and its political corollary, the Fuhrer principle, decomposed the mighty empire as they will by necessity always disintegrate and destroy any social entity” – Ludwig von Mises

Inefficiency? Like the new SARS VAT 201 form, replacing the old Adobe Flash one that was retired last month?

Has anyone else tried to submit the new VAT form yet? The fancy new form won’t let us type an input tax number. Gives a gobbledygook error message about not being “allowed to increase the input tax in the tax period you selected.”

Let’s see them sort that out before companies close all over the country in a couple of weeks.

Testing new systems is sooooo overrated….

TalkToJohn:

Flash is end of life end december but apple stopped Safari support with the October update. I could get efiling working like normal by using Chrome browser on Mac.

I am not sure what will happen to windows / IE machines come January. If SARS does not sort out something, the tax filing season will be a complete disaster. They should have migrated off Flash a year ago. The end of life issue was messaged two years ago!

I would screen grab all error attempts as I go so that at least can escape penalties and interest. If you try and file at an office manually you will go mad.

I guess you first have to convince yourself it is possible. Corruption and inefficiency are in the blood and much admired by the voters.

Corruption cannot and will not be reduced. Its simply part of the ANCs DNA but worse it is condoned and accepted by the majority of the electorate who consistently returned the ANC to power in what are substantially free and fair elections.

Just pay the price, South African voters-get poorer daily with lower standards of living, high crime and unemployment, failed education , health and social services.

You get what you vote for!

If the ANC got rid of all the corrupt people or people with clouds over their heads, there would be maybe 2 ANC MPs in parliament.

Wow you’re optimistic

I’d say of the two one will be around and that’s the SG as he is a sly fox..They just cannot nail this guy

When one person syphons billions of Government funds through your connections and still manages to keep his job, he must be good.,He can teach Al Capone a thing or two!

That leaves the other one who is on a bankrupt plane visiting “friends” in China on a “state visit” buying Christmas gifts for the SG

It’s the thousands waiting and salivating in the queue to take up a trough-feeding spot for access to wmc that’s the real concern?

Tito the Chef is preaching to the converted.

Unfortunately he needs to convince the corrupt within his own party to convict themselves.

I doubt the turkeys will vote for thanksgiving.

Dear Sir:

Cadre deployment means that “the state” is in effect “the ANC”.

We MUST stop cadre deployment. Put technocrats in specialist positions. The same also happens in DA areas down to municipal level. DA wins town, DA parachutes in politicians to head departments on municipal committees. So we end up with career politicians from lawyer training or Social Science background overseeing Engineering Services for example.

We could save the country BILLIONS if we promoted experienced people to these positions. Especially at council legel, there is NO argument to be had for party policy being relevant. Running electricity, water, sewerage, storm water requires technical skills not party policy or English Major qualification.

That same logic extends all the way upward. We have completely inexperienced and unequipped people parachuted to the boards of SOE and agencies where party policy should not be a factor. That ignores the ones parachuted in to ensure corruption.

Start there and the problems will be surmountable.

Talk is cheap…as has been proven countless times before…

So it would seem the government is about to call an election in which the ANC will not participate?

TITO
I am sure it started 22 years ago with the Sale of SAA planes???
And then purchase of the submarines,planes etc.
Where the priorities then???
Tito, you are well aware of what went on then. Say something about that.

The ANC is a talk shop packed with thieves. They can’t even deal with Magashule who is a global money laundering criminal, which illustrates how corrupt the ANC is.

Hi Tito , trying to make people believe ( again ) that you can pick up a turd by the clean end ?

Tito Mboweni is one of the A-team.

The majority South Africans agree with you, but we have heard the word “Must” before.

Time for just fix it, we want to see wrong doers in jail, we want to see people that stole tax money lose their properties.

In the words of “number one”, “hehehehehehe”

For the ANC to address corruption in it’s own ranks is like having a circular firing squad.

Maybe there can be a vaccine that will cure it. Bill Gates will know.

Think on this mboweni:-

“The road to hell is paved with good intentions”

And your anc and your “our people” gimme club are taking our entire country there faster than you think!

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: