South Africa: Cash-Strapped ANC Considers Selling Off Assets to Pay Off R500 Million in Arrears

13 November 2022
Daily Maverick (Johannesburg)
analysis By Queenin Masuabi

The draft financial report delivered by ANC Treasurer General Paul Mashatile to the NEC at the weekend indicates the dire state of the governing party's finances.

A report on the state of the ANC's finances revealing that the party is half a billion rand in debt was handed to the National Executive Committee (NEC) on Saturday, 12 November, at its gathering at the Nasrec Expo Centre in Soweto, according to an NEC source.

The party is now looking at ways to ensure this debt is paid off and that staff salaries and benefits are paid in full.

Read more in Daily Maverick: "ANC Integrity Commission - Phala Phala has deepened divisions and Ramaphosa must take NEC and country into his confidence"

ANC Treasurer General Paul Mashatile said the party would be looking at leveraging its investments to pay off its debts, NEC sources told Daily Maverick. The party is said to have R5-billion worth of assets -- some in London and Zambia -- which it would be looking to sell off.

Mashatile also mentioned the possibility of reducing staff and encouraging some employees to withdraw their packages.

A bone of contention is salaries paid to NEC members based at Luthuli...

Read the full story on Daily Maverick.

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