SA Institute of Business Accountants (Saiba) comments on Tito Mboweni’s growth plan as follows:
Tito Mboweni’s growth plan for SA is a bold and ambitious plan, and needs to be adopted if were are to return to the 4-5% growth levels of a decade ago. This is what is needed to get the economy moving again.
Accountants have a vital role to play in rooting out the misspending and corruption that characterised previous government infrastructure and social spending. A sizeable portion of GDP was squandered due to misspending and corruption and it cannot be allowed to continue.
“It’s clear to everyone in SA that the country is to corruption. We have had multiple growth plans in the past, starting with the Reconstruction and Development Plan, but these have all failed in achieving their targets. One of the key reasons for their failure was under-estimating leakage from corruption,” says Saiba CEO Nicolaas van Wyk.
Svan Wyk proposes the mandatory appointment of external accountants to do performance audits on each project announced by government. Accountants must sign off before money is spent.
It is also vital that chartered accountants are not privileged in this process. All suitably qualified accountants must be allowed to perform this function. “We have thousands of qualified, mainly black, accountants who cannot find work. We need to get them to work and this is one way of doing it,” says van Wyk. Read more on Accounting Weekly.