[LISTEN] Let’s stop wasting money, Mr President! - Mboweni

FInance Minister Tito Mboweni says our state-owned companies can spend money allocated to them better as well.

JOHANNESBURG - Giving his maiden Medium-Term Budget Speech Policy address in Parliament on Wednesday, Finance Minister Tito Mboweni says the country can spend its finances better.

“Too much money goes missing. We must restore good governance and find corruption in all its forms. Money that leaks out of the system is no longer available to support our efforts to reduce poverty and lighten the burden on the poor. Many of our state-owned companies need to be reconfigured.”

He also said in the reconfiguration of these state-owned enterprises, there must be no newly-appointed people.

Speaking to The Money Show host Bruce Whitfield, economist Thabi Leoka said Mboweni’s argument that there shouldn’t be any newly appointed personnel comes from his understanding of how difficult the financial constraints the economy is facing are for ordinary South Africans.

“That is actually the composition of his character and his experience…”

Listen to the audio above for more.

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