ANC youth fury over bank’s report on Dlamini-Zuma

South Africa's Nkosazana Dlamini-Zuma. PHOTO | FILE
South Africa's Nkosazana Dlamini-Zuma. FILE | NATION MEDIA GROUP  

South Africa’s Standard Bank has come under fire from the African National Congress Youth League (ANCYL) over its report which paints a bleak future for the ruling party should Nkosazana Dlamini-Zuma (NDZ) win the succession race.

The bank’s report titled, The Prospects for and Implications of an NDZ Win, stated that a victory for the former African Union chairperson would “preserve” President Jacob Zuma’s influence on the state.

It also predicted the party’s demise if Dr Dlamini Zuma beats deputy president Cyril Ramaphosa to assume the leadership of the party.

ANC Youth League president Collen Maine on Wednesday reacted to the report with fury, saying the Standard Bank was meddling in the party’s internal affairs.

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“White monopoly capital has just decided to enter into the politics of the ANC by de-campaigning Nkosazana Dlamini and what she represents,” Mr Maine said.

The bank has defended its position saying the report did not prejudice Dr Dlamini-Zuma.

“This research report analyses the potential effects, from a political and economic perspective, of what one scenario may be next month,” the bank said.

It added that the report was independent and impartial, with the insights and analysis for information purposes only.

“The views expressed in the report are not necessarily those of Standard Bank.”

The report also said that a win in December for Dr Dlamini-Zuma would place the ANC in a position of resorting to populist policies, such as free higher education, in the hope of clinging on to power at the 2019 General Election.

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“Knowing this, an outright NDZ leadership collective would, we expect, seek to deploy largely populist means through which to reduce the threat of urban voter rejection in 2019, including through the elevation of public sector remuneration; support for free education at the tertiary level.

“This would of course create additional budgetary pressures, which would further undermine the already compromised fiscal position,” the report said.

Mr Maine said the ANC’s policy proposals would not be derailed by such reports.

“We represent radical economic transformation and this is what they don’t want. They are doing everything in their power to discredit it. But we are not surprised that they would go to that extent. We are not worried, we are not deterred, we will not allow ourselves to be de-focused,” he said.

ANC will elect new leader to replace President Zuma on December 16 at its conference to be held in Johannesburg.

Dr Dlamini-Zuma and Mr Ramaphosa have emerged as frontrunners for the party’s top job.

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