DA eyes management of R2.6 trillion PIC funds

DA federal chairperson Helen Zille. Picture: Oupa Mokoena Independent Newspapers

DA federal chairperson Helen Zille. Picture: Oupa Mokoena Independent Newspapers

Published Jun 25, 2024


The DA is seeking to manage the Public Investment Corporation (PIC), which has an estimated investment of more than R2.6 trillion.

The public assets manager is the single largest investor in the JSE.

This comes amid the ongoing battle for Cabinet positions under the Government of National Unity (GNU).

The DA would be in charge of this portfolio should it get its way of attaining the position of deputy minister of finance.

However, some in the industry argued that there was no guarantee that the deputy finance minister would automatically be made chairperson of the PIC board.

They even cited an example of the current board chairperson Reuel Khoza.

They further explained that the deputy finance minister would not possess ownership or control over the PIC, but rather serve as its chairperson, providing strategic guidance and oversight to ensure alignment with its mandate and the country’s economic goals.

However, the DA had made it clear in its letter to ANC secretary-general Fikile Mbalula they want their own ministers and deputy ministers in the same departments

The party’s federal chairperson, Helen Zille, also requested the termination of the five-year contracts of directors-general in departments overseen by its ministers.

Zille the reason for this was that the incumbents may not be amenable to taking direction from DA ministers, especially given the ANC’s cadre deployment policy.

The DA also wants to control the Department of Home Affairs and the Department of Mineral Resources and Energy.

Both the departments are under the stewardship of Dr Aaron Motsoaledi and Gwede Mantashe respectively.

According to the party’s letter to the ANC, it was eyeing 12 ministerial positions in the seventh administration.

Meanwhile, the South African Federation of Trade Unions (Saftu) spokesperson, Trevor Shaku, said the DA and ANC’s micro policies were similar.

“I believe the DA’s demand of some ministries will, however, allow the party to continue with accelerated austerity policies. The DA’s proposed policy provisions are a disaster,” added Shaku.

Political analyst Andre Duvenage said the finance portfolio was no doubt the most critical part at this moment.

“I am not saying it’s the only important one, but it’s the critical one at this point. This has to do with the debt crisis in the country, corruption and the findings of the Zondo Commission. The ANC has made it very clear that they want the security cluster and the economic one, based on the pressure they got from its alliance partners.

“The ANC is trying to bring in as many parties as possible to shrink the pool where the DA can swim and decrease its demands of portfolios,” Duvenage explained.

He further said he was concerned about whether the ANC would be able to manage all those small parties’ concerns and demands moving forward.

It is still not clear when President Cyril Ramaphosa will announce his Cabinet, but it is expected to be this week.

ANC spokesperson Mahlengi Bhengu-Motsiri, during her interview with 702 on Tuesday, said she suspected that Ramaphosa would announce the Cabinet in the next 24 to 36 hours.

This comes as Monday’s meeting between Ramaphosa and DA leader John Steenhuisen was described as positive.

The Star