President Cyril Ramaphosa has revealed that he wanted to resign from his position as Deputy President of the Republic in December 2015 when Jacob Zuma, who was President at the time, appointed Des van Rooyen as Finance Minister.
Ramaphosa made the revelation during his second appearance before the state capture commission of inquiry, chaired by Deputy Chief Justice Raymond Zondo, on Wednesday (11 August).
Impact on financial markets
“[The appointment] had an immediate impact on the financial markets. Shortly after Mr van Rooyen was sworn in, then Director-General of National Treasury, Mr Lungisa Fuzile, asked to meet me urgently,” Ramaphosa said in his opening statement.
“He expressed grave concern, based on his interaction with the new Minister and his advisors, about the impact this development would have on the ability of National Treasury to properly exercise its functions.
“Concerned by what I considered the ‘capture’ of National Treasury, I contacted ANC Deputy Secretary-General, Ms Jessie Duarte, and indicated that I would resign my position as Deputy President of the Republic. I believe that Ms Duarte conveyed my message to the then-President.”
A “flurry of consultations” subsequently ensued, the President said, after which Zuma was convinced to reverse van Rooyen’s appointment.
Pravin Gordhan’s appointment
“The then ANC Secretary-General Mr Gwede Mantashe, Ms Duarte and I urged the President to appoint Mr Pravin Gordhan as Minister of Finance instead, as this would be in the best interests of the country and would help to calm the financial markets,” Ramaphosa revealed.
“I believe the decision by President Zuma to replace Mr van Rooyen with Mr Gordhan was critical in preventing further damage to the economy and safeguarding the integrity of National Treasury.”
Ramaphosa also detailed how he spoke out publicly against the removal of then-Finance Minister Pravin Gordhan and his deputy, Mcebisi Jonas, in March 2017.
He explained, “At the meeting when former President Zuma informed the ANC Officials of his decision, I raised my concern that the Minister and the Deputy Minister were being removed based on an unsubstantiated intelligence report.
“I told the former President that I disagreed with his reasons and that I would publicly state my objection. While I reiterated that the President has the constitutional prerogative to appoint and dismiss members of the Cabinet, I felt it necessary to speak out, especially because of the serious consequences this decision had on our economy and our country.”
The President’s testimony is set to continue on Wednesday and Thursday.