BOARD OF THE IDC ( INDUSTRIAL DEVELOPMENT CORPORATION ) @KASIBC_AFRICA

ONLINE EDITOR @KASIBC_AFRICA MAKEKASIGREAT©®™

BOARD OF THE IDC ( INDUSTRIAL DEVELOPMENT CORPORATION ) @KASIBC_AFRICA 

@KASIBC_AFRICA ONLINE EDITOR

The Economic Freedom Fighters (EFF) rejects the appointment of African National Congress (ANC) loyalists to the board of the Industrial Development Corporation (IDC), in a clear case of patronage. 

The most recent appointments, including Ayanda Dlodlo, Dr Nomusa Dube-Ncube, and Dr Sydney Mufamadi, represent a continuation of a corrupt practice in which key state institutions are hijacked to reward political loyalty, not competence. 

The IDC is a critical public finance institution, established to promote industrial development and economic transformation. Its mandate is to stimulate job creation, promote black industrialists, support localisation, and build inclusive economic growth. It is funded by public money and exists to serve the people, not the political elite. 

However, the ANC has repeatedly used the IDC and similar state-owned institutions as vehicles of looting, cadre deployment, and patronage. We have not forgotten the scandals that have rocked the IDC, including the irregular funding of politically connected companies, the use of IDC loans to funnel money to failing businesses without due diligence, and cases of conflict of interest and insider deals by board members. 

The ANC’s capture of the IDC has long undermined the purpose of the entity and robbed young black people of the opportunity to access capital and grow real, productive, enterprises.  

 @KASIBC_AFRICA MAKEKASIGREAT©®™

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