Cosatu crits Zuma over Nene

Cosatu disagrees with President Jacob Zuma's decision to dismiss Finance Minister Nhlanhla Nene, calling it disconcerting and ill-timed.

Cape Town - The Congress of South African Trade Unions on Thursday disagreed with President Jacob Zuma's decision to dismiss Finance Minister Nhlanhla Nene, calling it disconcerting and ill-timed.

“Cosatu is shocked and disconcerted by the latest decision by the country's President to remove the Minister of Finance, Nhlanhla Nene, from his position.

“Whilst, we appreciate and respect that our constitution gives the President the powers to make changes to the cabinet, we feel that the decision was ill timed,” the trade union federation said.

Cosatu noted Nene had been in his portfolio for just under a year and half and said it was a fact that the markets did not appreciate sudden change and uncertainty.

“Minister Nene's tenure was very short and the economic sector does not cope well with abrupt and unqualified changes; because that creates uncertainty. Our economy is unfortunately globalised and we cannot ignore the realities that come with operating in such an environment.

“Minister Nene was an approachable and an engaging minister, who was forever prepared to discuss issues even if he disagreed with people.” It said the country had needed Nene's experience to steer it through troubled economic environment.

“Currently, the economy is on its knees and it is haemorrhaging jobs across all sectors. The unemployment rate is going through the roof and the blight of capital flight is back in full swing.

“To manoeuvre this economic minefield and smooth transition, we needed the stability, continuity and the experience that Comrade Nhlanhla Nene provided.”

Zuma has replaced Nene with the untested ANC backbencher David van Rooyen in a surprise move that sent the rand to new record lows days after the country's credit rating was downgraded further.

AFRICAN NEWS AGENCY