@JojoNqandela @Uncle_Thaps Definitely since 1994 they’ve been incompetent. But the incompetence went up during the Zuma years. And during the Zuma years we saw excessive government spending. So you can’t blame austerity
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VoiceofTruth
7.9K posts
@VoiceOfTruth___ @Uncle_Thaps Does "for many years" exclude the period before 1996 that I cited? What we know is that those entities did not face stringent laws during apartheid like after 1996. The whites were not accountable, transparent and competent before the ANC came with laws to corporatize SOEs
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Budget cuts are the most serious problem for service delivery.
Financial and Fiscal Commission@Fiscal_Comm_RSA
Inefficient government spending leads to service delivery backlogs, impacting essential services like water supply. Infrastructure projects face delays, worsening water and sanitation issues at the local level. #ServiceDelivery #GovernmentSpending
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@JojoNqandela @Uncle_Thaps These entities have been incompetent at financial management for many years- long before austerity. The incompetenc is mainly due to political interference
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@Uncle_Thaps The reason why national departments, municipalities and state entities are so inefficient in financial management is because of austerity. These organs are understaffed and under-capacitated, with sheer volume of filling in forms, compiling reports and sitting endless meetings
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@kgeremolla Where else would the money come from?
Government raised R2trillion in tax per year. Whilst only R500bn of debt is raised per year. So logic dictates that the majority source of government spending is taxes.
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As an exception, the R2.1 Trillion collected by SARS can be deployed into restarting the refineries and optimising SASOL operations. They can also revisit the SASOL Mafutha project in Lephalale. We'd all be working and contracting.
The one time taxes could fund the state...
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@kgeremolla National Treasury has given Eskom R460bn in the past 10 years.
dailyinvestor.com/business/12655…
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@VoiceOfTruth___ How/whence is this money paid? Share the process, I have patience.
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@kgeremolla The taxpayer is funding Eskom. Electricity revenue isn’t enough for Eskom to pay its debts and fund infrastructure.
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@MxolisiBob You clearly know fokol, because if you did you’d know that they’ve given hundreds of millions to back companies with no strings attached
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This is how IDC, PIC and NEF function.
All they need is a White owned company with a will to sell 25% equity to a politically affiliated BEE structure then an endless tap of funding is accessible.
They call it "due diligence"
Business Explainer@businessXplain
IDC CONVERTS LOAN TO EQUITY South Africa’s Industrial Development Corporation (IDC) has converted its loan to Orion Minerals into equity, becoming a direct partner in the Prieska copper-zinc mine. The deal gives the IDC a 23.8% stake in the holding company and simplifies the project’s funding structure ahead of planned production in early 2027. Full story - ln.run/_BVLe Pictured - Orion CEO, Tony Lennox
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@Uncle_Thaps Nonsense. Many SOEs have been running at losses for many years, and no particular objective has been met
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We cant even tell the SOE to run at a loss to achieve a particular objective.
Vaxxed Tshepo 💉@tshepo87
Our government would never. Our Ministers fly out to see CEO’s and explain themselves.
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@Ndala_Momane Nonsense. Lots of black owned companies have been give grace by IDX. Just look at Kgalagadi
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If it was Ndala ka Momane failing to pay IDC loans:
1. Liquidation or
2. Conversion to equity and Ndala ka Momane is fired as CEO.
If not, Holomisa would be given a scoop, black professionals would be fired at IDC.
Business Explainer@businessXplain
IDC CONVERTS LOAN TO EQUITY South Africa’s Industrial Development Corporation (IDC) has converted its loan to Orion Minerals into equity, becoming a direct partner in the Prieska copper-zinc mine. The deal gives the IDC a 23.8% stake in the holding company and simplifies the project’s funding structure ahead of planned production in early 2027. Full story - ln.run/_BVLe Pictured - Orion CEO, Tony Lennox
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@Lephutshe @kgeremolla An unemployed person gets money from someone else. It’s the person who gives him money who is paying that sin and sugar tax.
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@VoiceOfTruth___ @kgeremolla oh? then what’s Value Added Tax
Sin Tax
Sugar Tax
Poll and Hut tax?
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There is no country that can tax itself into prosperity.
Secondly, that is R2.1 trillion destroyed from the economy.
Taxes do not fund the state.
Mmusi Maimane MP@MmusiMaimane
Investment into SARS has and will pay off. Last year’s budget was an opportunity to invest more into SARS. The team has delivered over R2Tr collection. Congrats to the commissioner, now we must double our efforts to fight illicit trade.
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@Lephutshe @kgeremolla My unemployed uncle definitely doesn’t pay any taxes.
Tax isn’t used for that. You’re confusing tax with the central bank operations that are used to drain money from the system.
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@VoiceOfTruth___ @kgeremolla Oh buddy! All of us pay tax… even the unemployed uncle you despise so much.
Tax is a financial mechanism to remove money from the system.
In Feb, a budget for the new Financial Year(FY) Apr-Mar is decided and in April, the amount removed from FY that just passed is announced
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@Lephutshe @kgeremolla Because it’s nonsense. Us taxpayers are carrying this country
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@kgeremolla that last sentence causes cognitive dissonance to people.
people refuse to even consider it.
- taxpayer
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@ChueneKhathu @dk_dax When parastatals aren't being sabotaged, they're very functional. The most recent reference is SAA.
It's the responsibility of the government to ensure that SOEs are functional - not outsourcing operations to the private sector that cares more about profitability over welfare.
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Ramaphosa audaciously refers to state parastatals as inefficient monopolies 🥲.
This was the rhetoric used to unbundle Eskom and privatize transmission networks.
Now he's doing it with freight-rail networks.
It's the same MO for the privatization of water and sanition services.
Maphitha@uMusa_
Cyril Ramaphosa is openly anti-transformation and pro-privatisation. Lately, he's become more blatant. Defining SOEs as monopolies that should be subject to private sector competition is treasonous. South Africa can not function as a developmental state without economic redress.
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@Ndala_Momane Nonsense. Higher oil prices automatically equates to higher interest rates?
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@Uncle_Thaps The vast majority of loan recipients of IDC and NEF are black. And many have defaulted on their loans.
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This is unfair; few Africans receive funding, and they are never the most non-performing loans.
Miss Status Quo@Synesyfe
There are people who when approved funding went to a Porsche dealership .. That’s all I’m saying ..
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@ThetoThakane The difference is those workers are typically the same people (even though you never hire them permanently). But changing employees every 3 months is cumbersome and costly. You’d have to keep retraining. That’s expensive
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Now sure how much you know about the South African labour market, but this is the same place where employers had to be forced to hire workers permanently after six months on labour broker contracts, cheap labour sells in this country. And there’s enough documented to show you that. If I don’t need to give you are coverage as dictated by law, such as pension, medical aid, and other cost related extensions, why would I not just churn more of you every three months? This is not an imagined danger, it’s real because we’ve seen this movie before.
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Something big is happening in South Africa! The 2025 Labour Law Amendment Bill could quietly reshape the meaning of work, power, and dignity in the country’s labour market if some of the reforms pass as proposed. There’s negatives and positives. 1/🧵🇿🇦
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@ThetoThakane No rational person would deliberately do that. It’s costly finding someone. You’d only do that until you find the right employee
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In practical terms: An employer could
– hire a worker
– dismiss them within 3 months
– avoid the full consequences of unfair dismissal
And potentially repeat that cycle.
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This conference has been happening since 2018. Since then, all infrastructure-related industries, like construction and the steel industry, have collapsed. Apart from the PR and catering tender value, this conference is nonsense.
The Presidency 🇿🇦@PresidencyZA
INVEST. PARTNER. PROSPER 0️⃣3️⃣ DAYS TO GO! The South Africa Investment Conference aims to mobilise investors towards an additional R2 trillion target in investment commitments over the next 5 years. This follows the success of the first five conferences which successfully raised R1.5 trillion in commitments. #SAIC2026 #InvestSA 🇿🇦
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