EFF Accuses Ramaphosa Presidency of Corporate Capture Following R445M External Funding Disclosure

 Accuses Ramaphosa Presidency of Corporate Capture Following R445M External Funding Disclosure

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BY: CHANON LECODEY MERRICKS | ONLINE EDITOR

EFF Accuses Ramaphosa Presidency of Corporate Capture Following R445M External Funding Disclosure

By KasiBCAfrica News

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JOHANNESBURG — The Economic Freedom Fighters (EFF) has released a formal statement condemning what it describes as the corporate and imperialist capture of the Presidency under President Cyril Ramaphosa.

The statement follows a parliamentary question submitted by EFF Deputy Secretary-General Hon. Leigh-Ann Mathys, which revealed that the Presidency of South Africa received R445.57 million in external private and foreign support over the past five financial years.

The EFF asserts that the influx of funds from private corporations, foreign governments, and billionaire-backed foundations undermines state sovereignty and systematically steers national economic policy toward market deregulation and privatization.

Key Funding Allocations Highlighted by the EFF

According to parliamentary figures supplied by the Presidency, external partner allocations across major presidential initiatives include:

• Resource Mobilisation Fund (RMF): R180 million mobilized by business groups to support technical capacity for the National Energy Crisis Committee (NECOM), National Logistics Crisis Committee (NLCC), and Joint Initiative on Crime and Corruption (JICC).

• Just Energy Transition (JET) Unit: R95.6 million provided by the African Climate Foundation to fund technical operations and project management.

• Digital Transformation Roadmap: R71.9 million, including R66 million from the Gates Foundation.

• Operation Vulindlela: R56.3 million total, funded by Business Leadership South Africa (BLSA), National Business Initiative (NBI), Yellowwoods, and international partners.

• Presidential Youth Employment Intervention & Employment Stimulus: Over R41 million combined, funded by Yellowwoods, the European Union, Agence Française de Développement (AFD), and the DG Murray Trust.

EFF's Main Arguments Against External Funding

1. Corporate Dominance via Operation Vulindlela and BLSA

The EFF argues that contributions from Business Leadership South Africa (BLSA) and investment groups like Yellowwoods create conflict of interest in structural reform programs such as Operation Vulindlela. The party claims that corporate interests are using these vehicles to drive market-opening policies in network industries like electricity, rail, and ports, which benefits private capital at the expense of public utilities like Eskom and Transnet.

2. Continuity from Shanduka Group and CR17 Campaign Funds

The party links current corporate influence to President Ramaphosa’s previous business career with the Shanduka Group and the unsealed financial disclosures of his 2017 ANC presidential campaign (CR17). The EFF contends that the same corporate actors who supported his political rise now enjoy direct policy access inside the Presidency.

3. Foreign Influence over Energy Policy and Sovereignty

The EFF strongly criticizes foreign climate and development funding for the Just Energy Transition (JET). The statement alleges that Western entities—including the European Union and international foundations—are pushing an energy transition model that risks weakening Eskom, threatening coal-sector jobs, and creating technological dependence on foreign corporations.

Presidency’s Position

In his official response to Parliament, President Cyril Ramaphosa stated that external partner contributions are strictly regulated, transparently managed, and do not fund daily executive operations or baseline operational budgets. The Presidency maintained that technical and capacity-building partnerships with civil society, development finance institutions, and the private sector are vital for accelerating job creation, resolving infrastructure bottlenecks, and strengthening state implementation capacity.

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 EFF CONDEMNS THE UNDERVALUING OF PITSO MOSIMANE BY SAFA

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BY: CHANON LECODEY MERRICKS | ONLINE EDITOR

EFF CONDEMNS THE UNDERVALUING OF PITSO MOSIMANE BY SAFA

By KasiBCAfrica_News

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The South African Football Association (SAFA) is currently in contract negotiations with Pitso Mosimane regarding his return as head coach of Bafana Bafana. Following the departure of Belgian coach Hugo Broos—who led South Africa to the knockout stages of the 2026 FIFA World Cup—the SAFA National Executive Committee (NEC) officially approved Mosimane’s appointment on August 8, 2026.

The appointment has sparked public and political debate, centered on the significant disparity between SAFA’s initial salary offers to Mosimane and the remuneration package previously afforded to Broos.

Salary Controversy Overview

Negotiations hit a hurdle when it was reported that SAFA’s initial financial proposal was viewed by Mosimane’s representatives as significantly undervalued given his extensive continental and international experience.

Feature	Hugo Broos (Former Coach)	Pitso Mosimane (Initial Offer)	Reported Adjusted Offer
Annual Salary	~R16.8 million	~R5 million	~R10 million
Monthly Rate	~R1.4 million	~R416,000	~R833,000
Perks	Accommodation, flights to Belgium	Under negotiation	Under negotiation

Note: Figures are based on media reports from August 2026 and represent estimated annual/monthly packages.

Key Points of Contention

• Precedent vs. Proposal: Mosimane’s camp has argued that his remuneration should be benchmarked against his predecessor, Hugo Broos. Broos reportedly earned approximately R1.4 million per month (plus benefits like accommodation in Sandton and flights to Belgium).

• Technical Team Costs: The negotiation involves not just Mosimane’s personal salary, but the total cost of his requested technical support staff. Representatives maintain that a high-calibre coaching structure requires a budget consistent with international standards.

• Valuation of Local Expertise: Critics and political organizations, including the Economic Freedom Fighters (EFF), have characterized the initial lower offers as a "racialised valuation" of Black South African expertise, questioning why a coach with three CAF Champions League titles is offered less than a foreign predecessor.

Current Status

While SAFA has reportedly moved to double its initial R5 million offer to approximately R10 million per year, negotiations remain ongoing as the parties seek to finalize terms. SAFA President Dr. Danny Jordaan confirmed that while the NEC has approved the appointment, the association is currently working to "tie up some loose ends" before a formal announcement is made.

Mosimane is widely regarded as one of Africa's most successful coaches, having won three CAF Champions League titles (one with Mamelodi Sundowns and two with Al Ahly) and managed clubs across Saudi Arabia, the UAE, and Iran.

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 ANC Welcomes Withdrawal of Prudential Authority Liquidation Bid Against Ithala SOC Limited

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BY: CHANON LECODEY MERRICKS | ONLINE EDITOR

ANC Welcomes Withdrawal of Prudential Authority Liquidation Bid Against Ithala SOC Limited

By KasiBCAfrica_News

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DURBAN, KWAZULU-NATAL — The African National Congress (ANC) has formally welcomed the withdrawal of the Prudential Authority’s liquidation application against state-owned financier Ithala SOC Limited. The decision follows multi-sphere government interventions and a National Treasury-backed mechanism ensuring that affected depositors are repaid.

The withdrawal comes after extensive depositor reimbursement efforts, where the state committed up to R2.2 billion to enable orderly payouts for over 250,000 account holders. Over R1.7 billion has already been disbursed through partnering institutions.

Key Statements from the ANC Review

1. Protection of Historically Included Depositors

The ANC commended government interventions for prioritizing ordinary working-class depositors and small business account holders.

"The African National Congress welcomes the withdrawal of the Prudential Authority’s application for the liquidation of Ithala SOC Limited following the intervention by government to ensure that depositors are repaid... This development reflects the importance of a responsive and caring state that places the interests of ordinary South Africans at the centre of its decisions." — African National Congress Statement

2. Developmental Mandate & Financial Sector Transformation

The party highlighted Ithala’s historical role as a development finance institution (DFI) established to extend financial access to rural communities and historically disadvantaged individuals across KwaZulu-Natal.

"Development finance institutions remain critical instruments in advancing economic transformation, supporting small businesses, promoting entrepreneurship, and ensuring that working-class and vulnerable communities have access to opportunities that enable economic participation." 

3. Institutional Governance and Compliance Lessons

Acknowledging regulatory challenges and the lapsing of Ithala's Banks Act exemption, the ANC emphasized that institutional protection must be accompanied by strict adherence to financial regulations and governance standards.

• Governance Systems: Strengthening internal administrative controls, risk management, and regulatory compliance.

• Institutional Sustainability: Ensuring state-owned financial entities remain financially viable without compromising safety standards set by the South African Reserve Bank (SARB) and the Prudential Authority.

Status of Ithala Operations and Payouts

While the withdrawal of the liquidation application removes immediate insolvency proceedings, key legal and operational dynamics remain active:

• Depositor Claims: Depositors continue to receive claims disbursements through First National Bank (FNB) branches, with a three-year window running through 2028.

• Banking License Requirements: Ithala is currently restricted from taking new public deposits until full regulatory compliance and statutory banking licensing conditions are satisfied with the Prudential Authority.

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