With the Political Party Funding Act expected to come into effect from April 1, Business Unity South Africa (Busa) president Sipho Pityana has called on political parties and business to urgently comply with the legislation.
President Cyril Ramaphosa announced the signing of the Act, on Friday, paving the way for transparent and accountable party funding.
The Act regulates public and private party funding and requires that donations be disclosed by parties and donors to the Independent Electoral Commission of South Africa.
Pityana said the legislation was a long time coming and pointed out that civil society had played a role in shaping it, drawing on the law’s important role in ending corruption between political parties and dubious benefactors.
“As organised business, we welcome the formal signing of the legislation, and trust parties will move with speed to comply. Transparency around party funding is essential as it helps us to identify funders and recipients, which holds both political parties and business to account and inhibits corruption. It also ensures greater transparency around foreign funding, which is essential given the geopolitical space we find ourselves in,” he added.