Plans to convert Postbank to a fully-fledged state bank are nothing but another opportunistic attempt by the ANC to create yet another feeding trough for its cadres.
Such a state-controlled bank will put unbearable pressure on the fiscus, which it simply cannot afford.
Even before the destructive impact of Covid-19 and load shedding on South Africa’s economy and finances, the National Treasury (NT) made it abundantly clear that a state-controlled bank would be an unaffordable burden.
According to President Cyril Ramaphosa, such a bank is necessary seeing as other developing countries have similar banks. So, South Africa must have one too.
This reasoning is just as absurd as knowingly allowing a mafia boss into Cabinet.
It is no secret that none of the state-owned entities in the country are functioning properly. There rests a curse of destruction on everything that the ANC lays its hands on due to its maladministration and corruption.
As it stands, the Postbank is already one of the many failed public enterprises. Its irregular expenditure increased with a staggering R118 million over the last financial year.
It was not even able to put a safe system with bank cards in place for SASSA beneficiaries. In the process, R68 million was lost and the poorest of the poor bore the brunt of the fraud.
The aim of this state bank is merely to channel money that is currently administrated by private and trade banks to a public enterprise where cadres will have easy access to it. The ANC has perfected this recipe.
The Postbank will undoubtedly have catastrophic consequences.
In 2024, South Africa can and will get rid of the government that has unscrupulously looted the state coffers and plunged millions of people into severe poverty.
Read the original article in Afrikaans by Wouter Wessels on FF Plus
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