Mzwanele Manyi: South Africans should thank MK Party for opposing ANC's VAT increase
According to MK Party chief whip Mzwanele Manyi, without their electoral impact, the ANC would have pushed through a VAT hike unchallenged. He credits his party for enabling stronger parliamentary scrutiny.
Image: Chris Collingridge/Independent Newspapers
uMkhonto weSizwe Party (MK Party) chief whip Mzwanele Manyi said South Africans should thank the party for reducing the African National Congress' power in Parliament and helping to spark real opposition to the proposed VAT increase.
In an interview with SABC News, Manyi argued that without the MK Party's impact in the 2024 elections, which pushed the ANC below a 50% majority, the VAT hike and other policies would have passed unchallenged.
'The MK Party must be thanked for the situation we have now, which is finally making progress,' said Manyi.
'Remember, when Cyril Ramaphosa took over in 2018, the very first thing he did was increase VAT from 14% to 15%. If the ANC still had its 62% majority, there wouldn't be any debate about it today.'
According to Manyi, it's only because of the MK Party's presence in Parliament that the ANC has faced real opposition.
'If it wasn't for us, none of this would be happening,' he said, claiming the ANC would have increased VAT to 17% without strong parliamentary resistance.
He also acknowledged the role of opposition parties like the Democratic Alliance (DA) and the Economic Freedom Fighters (EFF), who went to court to challenge the VAT increase, but dismissed it as part of an ANC strategy.
'That court case was just a smokescreen to create a reason for the ANC to backtrack.'
Manyi then turned his criticism toward Finance Minister Enoch Godongwana, calling for his removal over what he called a failure to manage the budget process and a collapse of public confidence.
'For the first time in South Africa's history, the national budget was not properly tabled. If we had real leadership, Godongwana would have been fired on the spot,' he said.
'The economy is struggling, and this minister has many ideas but no direction. Why do we have someone like this in charge of our national finances?'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
26 minutes ago
- IOL News
'VBS was our lifeline': Ramokgopa pressures treasury to restore Limpopo's lost bank
ANC treasurer-general Gwen Ramokgopa pleads with government to help rebuild VBS. Image: File photo ANC treasurer-general Dr Gwen Ramokgopa issued a stirring plea to the South African Reserve Bank and National Treasury: step in and help to rebuild the looted and collapsed Venda Business Society (VBS) Mutual Bank. Ramokgopa was speaking on Thursday at a packed memorial service for ANC veteran and revered liberation figure, Reverend Dr Tshenuwani Simon Farisani, held at the George Phagadi Town Hall in Thohoyandou. The late struggle stalwart and former Lutheran bishop passed away on May 29. His funeral will take place on Saturday at the University of Venda Stadium. In her tribute, Ramokgopa honoured Farisani's lifelong commitment to justice, recalling his outspoken defence of VBS victims who lost life savings and community investments when the bank collapsed under a staggering R2 billion looting scandal. 'Government, under President Cyril Ramaphosa, has been for the people. We always said those who stole from VBS must be punished and languish in jail,' Ramokgopa said, adding that the Finance Department and the Reserve Bank should assist the suffering community to revive their only hope, VBS. In her address, Ramokgopa reminded the nation of the Vhembe community's enduring pain — a pain worsened by betrayal and scandal. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading Since the shocking collapse of VBS in 2018, over 53 individuals have been charged with theft, fraud, corruption, money laundering, and violations of the Prevention of Organised Crime Act — accused of siphoning more than R2 billion from the mutual bank that once symbolised financial hope for Limpopo's people. Ramakgopa emphasised that the government has successfully rebuilt several institutions and therefore VBS should not be an issue. 'We have also successfully rebuilt the Limpopo provincial government after it collapsed through fraudulent activities,' she said. IOL Politics
The Citizen
35 minutes ago
- The Citizen
Welcome to adulting: what to do with your first pay check
With the right habits, a first pay check is not just income but a launchpad to financial freedom for young people. When you get your first pay check it could feel like you are an adult now. That also means that you must treat your money like an adult, but not all young people know how to manage their money wisely. Debra Slabber, director and portfolio specialist at Morningstar Investment Management South Africa, shares her own early financial experiences and four practical lessons she wishes she knew when starting out: #1: Understand the basics of money Financial literacy is often overlooked in our school system and rarely discussed openly at home. Learn to budget, spend wisely and grow your wealth. Just a little effort up front can make a big difference later. The goal is financial confidence, not perfection. ALSO READ: How to use your pay cheque to get financial freedom #2: Spend less than you earn This is the golden rule of personal finance, although it is often ignored in the early years. 'There is no shame in living frugally while you build a foundation. Avoid using debt to fund your lifestyle. Loans should support long-term goals such as buying a house, not short-term gratification.' #3: Start investing no matter how small Investing even R250 a month can make a meaningful difference when invested consistently over time. 'Time is your biggest financial advantage. Harness the power of compounding now, and your future self will thank you.' ALSO READ: How to make the most of your first salary #4: Enjoy the process of building wealth Building wealth is not about depriving yourself but about empowerment. 'There is joy in taking control of your finances and seeing your progress over time. Learn about the different tools available, track your growth and celebrate the small wins with your first paycheck.' Slabber's advice is clear: the earlier young South Africans start making smart money choices, the better positioned they will be for long-term success.
IOL News
an hour ago
- IOL News
Words on wealth: the importance of financial regulation in protecting consumers
This article explores the critical role of financial regulation in protecting consumers from exploitation and ensuring fair market practices, highlighting recent challenges faced by regulatory bodies. Image: Ayanda Ndamane / Independent Newspapers. It shocked me to learn that the Trump administration in the United States, with the assistance of Elon Musk and his Department of Government Efficiency, had dismembered and severely impeded the function of the Consumer Financial Protection Bureau (CFPB). This US government agency was established in 2011 under President Barack Obama in the aftermath of the global financial crisis of 2008. According to the US Treasury Department, the bureau is tasked with the responsibility to 'promote fairness and transparency for mortgages, credit cards, and other consumer financial products and services'. On its website, the CFPB says its central mission 'is to make markets for consumer financial products and services work for Americans – whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products'. Wikipedia notes that many thousands of consumer complaints about financial services providers, including banks and credit card issuers, have been received and attended to by the CFPB. The CFPB is not the only US agency acting against unfair practices by financial services providers; there is the longer-running and more established Federal Trade Commission (FTC), which has wide-ranging powers across business sectors that include enforcing antitrust laws. This has also been targeted by President Trump, who in March fired two of the FTC's Democratic commissioners, although the legitimacy of those firings is now being questioned in court. Which brings me to the topic of financial regulation generally. Force for good I strongly believe that regulation that levels the playing field, protects consumers from exploitation, and enables them to make better financial decisions is good for society as a whole, including the industry it regulates. Advocates of free markets would argue that companies in a competitive environment are self-regulating. I disagree. Competition is a powerful and vital force, but its nature is such that you will always have someone trying to make a quick buck by pushing the boundaries of what is normal or ethical. This is a big enough problem in a regulated environment; imagine how bad it would be in an unregulated one. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ A supreme example of pushing the boundaries is, of course, in sport - specifically those sporting codes that primarily test physical prowess, such as athletics, swimming, weight-lifting, and cycling. Before these sports became commercialised, there was little monetary incentive for athletes to cheat. Perhaps a small amount of cheating went on behind the scenes, but public perception was that the winners represented the pinnacle of human strength, speed, and endurance, and the sports codes were popular because people believed the competition was real and the winners genuine. That's not the case anymore. When I watch an athlete win a race, there's always the nagging question in the back of my mind: did he or she win on natural ability, or did performance-enhancing drugs contribute to the win? In which case, why am I wasting my time watching someone cheat? It started with a couple of risk-takers pushing the boundaries. Eventually, just to remain competitive, everyone was doping, inventing more and more elaborate schemes to evade detection. Moving targets Regulators typically struggle to keep up with the novel ways people find to push the boundaries. I like to think that the financial regulators have had more success than the sports regulators. In financial circles, there's a recent push by those on the fringes to market private equity investments, which invest in private, rather than publicly listed, companies. I have nothing against seasoned, wealthy investors putting their money into private ventures – they know the risks. I do have a problem when private equity investments are marketed to consumers who are not aware of the risks. There are currently at least two companies I know of that are marketing private equity products, including a living annuity, to the public, making out as if they are just regular products. Well, they are not regular. They carry a far higher risk for the investor than publicly listed equity. Pension funds, which have substantial assets and expertise behind them, are restricted by law to invest no more than 15% of their portfolio in private equity. And yet these fringe providers are asking consumers to trust them with their life savings.
