RET’s Yengeni ‘Lobbying’ Tito To Ditch CR22?

Many critics saw his three years as Treasure Secretary as an attempt to implement a neoliberal fiscal policy that favoured white-monopoly capital corporations. Some of the proponents of Radical Economic Transformation (RET) in the African National Congress (ANC) have recognized him as a potential ally. It’s possible that Yengeni’s visit with Mboweni was an effort to get him to join the RET brigade. The RET brigade, of which Yengeni is a member, seeks to steal control of the ANC from the CR group, which is headed by President Cyril Ramaphosa, by whatever means necessary.

Tito Mboweni, the former finance minister of South Africa, has been hired as a regional adviser for Goldman Sachs, a leading American investment firm. It was announced in a statement that Tito will be providing strategic assistance to the on commercial expansion potential, with a particular emphasis on South Africa and sub-Saharan Africa. Mboweni is returning to Goldman Sachs for the second time. He was engaged as an adviser to the corporation in 2010, soon after stepping down from his post as governor of the South African Reserve Bank (SA Reserve Bank). It was at this time that he was named Minister of Finance in 2018.

Following a report by Bloomberg in 2013, Goldman Sachs said that it was expanding its business in South Africa, adding fixed-income and foreign-exchange products to its current investment-banking offerings.

Goldman Sachs has also been granted permission to trade futures contracts by the Johannesburg Stock Exchange. Mboweni was chosen chairperson of the Accelerate Property Fund last week, a position he has held since 2011. This was also a post he held before, having served as chairman of the property firm prior to his appointment as finance minister.

Accelerate, a registered on the Johannesburg Stock Exchange, has a 50 percent share in Fourways Mall, as well as several smaller retail malls and other assets in Johannesburg and Cape Town. Mboweni resigned from his position in Parliament last Thursday, six months after he was forced out of President Cyril Ramaphosa’s administration. Previously, he served as Labour Minister from 1994 to 1998 before becoming Finance Minister for three years. He served as governor of the South African Reserve Bank for a decade, from 1999 to 2009.

Thereafter, he spent a long time in the private sector, serving as chairman of Nampak, SacOil, and AngloGold Ashanti, as well as Accelerate, among other companies and organizations. His previous positions included director of Discovery and PPC, in addition to a consultant for the oil corporation Total.

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