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 express our outrage at the capriciousness of that decision and to warn of the likely consequences for the country’s fragile economy. That 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
• Dr Azar Jammine
• Prof David Kaplan
• Prof Don Ross
• Mr Corne Van Walbeek
• Mr Grant Smith
• Ms Katherine Eyal
• Ms Kezia Lilenstein
• Prof 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
• Assoc Prof Justine Burns

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
• Prof Jannie Rossouw
• Prof Alex Van Den Heever
• Assoc Prof Tendai Gwatidzo
• Assoc Prof Daniela Casale
• Assoc Prof Uma Kollamparambil
• Dr Gareth Roberts
• Dr Kenneth Creamer
• Dr Desne Masie
• Fatima Bhoola
• Lumkile Mondi
• Nimisha Naik
• Odile Mackett

Private Sector

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

Photo of President Zuma by Greg Nicolson.