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In December 2015 the shocking decision by President Jacob Zuma to fire Finance Minister Nhlanhla Nene led about 70 senior academic economists from across South African universities to write an open letter to the Business Day to express our outrage at the capriciousness of that decision and to warn of the likely consequences for the country’s fragile economy. That decision was politically motivated has been borne out by subsequent events. Significantly Mr Nene’s redeployment to the Brics Bank, ostensibly the reason for his removal, has not materialised; the President continues to use every platform to sing the praises of the little known back bencher he appointed in Nene’s place, and to express bitterness at the role of (so called) white monopoly capitalists who he claims forced a reversal of his decision to appoint van Rooyen.

At the time and in the circumstances, some commentators thought that the new Minister Pravin Gordhan would be safe from similar politically motivated attacks. How wrong they were. Since earlier this year Minister Gordhan has been subjected to an unrelenting attack from the Hawks who have been investigating the Ministers alleged role in the establishment of the so-called ‘rogue’ spy unit when he was the SARS Commissioner. A few days ago the Daily Maverick reported that the Hawks were once more ‘circling’ the Minister.

These events have once again compelled us to put pen to paper to express our outrage and warn of the dangers to our still very fragile economy. With predictions of zero growth in 2016, stubbornly high unemployment, persistent poverty and inequality, and a volatile currency, this is not the time, if there ever was, to be playing such dangerous games with the lives and well being of all sectors of our economy and society, especially the poor and the vulnerable. We say all this with the same qualifiers we employed in our December 2015 letter; including our recognition that Ministers of Finance do not enjoy any special privileges or protection, and that everyone is subject to the rule of law and the constitution. Finally, our stance does not mean that all of us share with equal enthusiasm the fiscal framework of the Treasury and government.

We urge the President, the Cabinet and the NEC of the ANC to assist in this bringing this dangerous set of events to an end in the best way possible in the interests of our country and our economy. It is time for real leaders in the NEC and the Cabinet and in the SACP and COSATU to stand up to the tyrannical and despotic behaviour on display here because yet again we stand on the edge of an economic precipice.

We end expressing similar sentiments to those used in our December 2015 letter: As senior academics in Economics and related disciplines we express our unambiguous and urgent concern both about these events in general, about the unseemly attacks on the Minister of Finance and about the general lack of progress in tackling the massive and growing crisis of low growth, poverty, unemployment and inequality as well as the crisis of governance at our state owned enterprises.

Collectively supported by:
University of Cape Town:
Prof Haroon Bhorat
Prof Anthony Black
Prof Faizel Ismail
Prof Murray Leibbrandt
Prof Martin Wittenberg
Prof Ingrid Woolard
Prof Alan Hirsch
Prof Cally Ardington
Prof Christopher Rooney
Dr Co-Pierre Georg
Prof David Kaplan
Prof Don Ross
Mr Grant Smith
Ms Katherine Eyal
Ms Kezia Lilenstein
Prod Lawrence Edwards
Assoc Prof Malcolm Keswell
Assoc Prof Mark Ellyne
Prof Martine Visser
Prof Mike Morris
Mr Morne Oosthuizen
Prof Nicoli Nattrass
Assoc Prof Tony Leiman
Ms. Toughedah Jacobs
Ms. Sarah Marriott
Mr. Christopher Rooney
Ms. Adaiah Lilenstein
Ms. Kirsten van der Zee
Ms. Jabulile Monnakgotla
Ms. Amy Thornton
Ms. Shakira Jeppie
Prof David Kaplan
Assoc Prof Justine Burns

University of Free State

University of Pretoria
Prof Steve Koch (HOD)
Prof Elsabe Loots (Dean)
Prof Riel Franzsen (NRF-Chair)
Prof James Blignaut
Prof Jan van Heerden

Sol Plaatje University
Botho Enele
Mandla Mthembu

Rhodes University
Prof Robert Van Niekerk

North West University
Wilma Viviers

University of Stellenbosch
Prof Rulof P. Burger
Prof Nick Vink
Prof Theo Kleynhans
Prof Servaas van der Berg
Prof Andrie Schoombee
Prof Estian Calitz
Prof Ada Jansen
Prof Johan Fourie
Prof Ben Smit
Prof Ronelle Burger
Prof Johann Kirsten

University of the Western Cape
Prof Julian May

University of Witwatersrand
Prof Imraan Valodia
Prof Vishnu Padayachee
Prof Dori Posel
Assoc Prof Daniela Casale
Assoc Prof Uma Kollamparambil
Dr Gareth Roberts
Fatima Bhoola
Lumkile Mondi
Nimisha Naik
Dr Kenneth Creamer

Private Sector
Iraj Abedian – Chief Economist, Pan-African Investment & Research Services (Pty) Ltd.

Issued by The University institutions (Cape Town, Free State, Pretoria, Sol Plaatje, Rhodes, North West, Stellenbosch, Western Cape, Witwatersrand) and Iraj Abedian – Chief Economist, Pan-African Investment & Research Services (Pty) Ltd