Africa News Bulletin

South Africa: EFF’s Shivambu slams Ramaphosa over presidential climate finance task team

EFF deputy leader Floyd Shivambu has slammed President Cyril Ramaphosa’s “obsession” with task teams and questioned their value after Ramaphosa appointed Daniel Mminele as head of the newly established presidential climate finance task team.

On Tuesday the presidency, announced the former Absa CEO will lead efforts to mobilise finance for a just transition in the electricity, electric vehicles and green hydrogen sectors.

The announcement follows a R130bn support package signed last year with the US and European countries to assist the transition to a low carbon economy.

The presidency said the task team will advise cabinet on its composition and affordability and align the package with the country’s regulations.

“How many task teams, conferences and summits have been established under ANC president Ramaphosa?” asked Shivambu.

“What has been the value of it? The man is obsessed with establishing useless task teams and organising useless summits and conferences. The most directionless and useless ever.”

The presidency described Mminele as a “well-respected leader both in government and the financial sector”.

“Mminele will support SA’s ambition to achieve a just transition that advances the country’s interests, protects vulnerable workers and communities, contributes to investment, growth and sustainable jobs and supports the global fight against climate change,” it said.

Mminele has been an independent non-executive director and chair-designate at Alexander Forbes Group since January 2022.

He served as CEO of Absa until April 2021. Before joining Absa in January 2020 he was a deputy governor of the SA Reserve Bank from July 2009 and served two five-year terms.

“During a career spanning nearly 20 years at the SARB, Mminele represented the bank and SA in many international forums on the African continent and beyond,” said the presidency.

“His experience before the SARB included credit-risk analysis, corporate banking and project and structured finance at private banking institutions in Germany, the UK and SA.

“Mminele was the recipient of the 2019 Lifetime Achiever Award of the Association of Black Securities and Investment Professionals.”

Original story on Times Live

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