Corruption by banks in cahoots with those in ivory towers is wrecking the economy, livelihoods and the nation’s democracy

Masizole Mnqasela

Masizole Mnqasela

Published Dec 11, 2023


Masizole “Masi” Mnqasela

In our nation, a perplexing narrative has emerged around the alleged manipulation of our currency by certain banks. This is undoubtedly a violent assault on the poor, the working class, and the downtrodden including small businesses that bore the brunt of inordinate bank interest rates, retrenchment, and the harshest economic hardships with no consequences for the perpetrators.

What's more baffling is the seeming invulnerability of these institutions. Despite the gravity of the accusations, there remains a conspicuous absence of accountability. This situation points subtly yet unmistakably to a deeper entanglement, one that lies in the shadows of power and influence.

The public, rightfully, questions this puzzling state of affairs. How can entities accused of such significant economic transgressions seemingly operate with impunity? The answer, while not overtly spoken, whispers through the corridors of power – it lies in the unspoken alliances, the invisible bonds that tie the fates of the mighty financial institutions to those who walk the halls of influence and authority.

The Alliance of Citizens for Change, grounded in the principles of justice and transparency, is committed to challenging this untouchable alliance. Our vision for South Africa is one where no entity, regardless of its power or connections, is above the law. We envision a nation where the scales of justice balance fairly for all, and where the integrity of our economic systems is not compromised by hidden allegiances.

To confront this challenge, we advocate for a multi-dimensional approach that extends beyond conventional methods. We recognise that mere regulatory reforms or policy adjustments, while necessary, are not sufficient. Instead, we need to foster a culture of accountability that penetrates the highest echelons of power.

This approach involves nurturing a vigilant and informed citizenry, empowered to question and hold to account all institutions, irrespective of their stature or connections. We must also champion the protection and encouragement of whistle-blowers, those brave individuals who dare to shine a light on the darkest corners of collusion and corruption.

Moreover, the ACC emphasises the need for an independent and robust judicial system, one that operates free from the influence of any entity, be it political or financial. The reform of our public sector is also crucial, prioritising transparency and ethical governance to minimise opportunities for collusion which is manifestly a glossier corruption.

Addressing the root causes of this impunity involves confronting the legacy of our past, recognising the intricate web of relationships and power dynamics that have shaped our present. We must dedicate ourselves to untangling these webs and promoting a culture of ethical leadership and moral courage.

The journey to a transparent and just South Africa is undoubtedly challenging. It requires breaking down entrenched systems of influence and rewriting the narrative of power. The Alliance of Citizens for Change calls upon every citizen to join in this monumental task. Real change is a collective endeavour, and it begins with the audacity to question and the resolve to reform.

Lastly, the apparent immunity of banks implicated in the rand manipulation scandal is not just an economic issue; it is a reflection of a deeper, more insidious problem. It’s a testament to the untouchable alliances that exist in the shadows of power. As citizens of this beautiful country, we must stand resolute in our commitment to dismantling these alliances and ushering in an era of integrity, accountability, and justice.

Let social justice reign.

The Star