National Treasury (South Africa)

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National Treasury
List
South Africa National Treasury logo.png

National Treasury head office in Pretoria
Department overview
Formed31 May 1910
Jurisdiction Government of South Africa
HeadquartersOld Reserve Bank Building, 40 Church Square, Pretoria
25°44′44″S28°11′18″E / 25.74556°S 28.18833°E / -25.74556; 28.18833
Employees1,167 (2009)
Annual budget R1,504.4 million (2010/11)
Ministers responsible
Department executives
Website www.treasury.gov.za

The National Treasury is one of the departments of the South African government. The Treasury manages national economic policy, prepares the South African government's annual budget and manages the government's finances. Along with the South African Revenue Service and Statistics South Africa, the Treasury falls within the portfolio of the Minister of Finance. Throughout the course of President Jacob Zuma's second administration, the ministry has undergone several changes. Most notably, Nhlanhla Nene was suddenly dismissed on 9 December 2015, without explanation, and replaced with a relatively unknown parliamentary back-bencher from the ruling ANC's caucus, David 'Des' van Rooyen [1] for a record-total of 3 days. He was, in turn, replaced by Pravin Gordhan after the President faced significant pressure from political and business groups over the move. [2] On 30 March 2017 Jacob Zuma axed Pravin Gordhan and appointed Malusi Gigaba as a Finance Minister. [3] Following Zuma's resignation, President Cyril Ramaphosa returned Nhlanhla Nene as Minister in his cabinet reshuffle on 26 February 2018.

Contents

In the 2010 national budget, the Treasury received an appropriation of 1,504.4 million rand and had 730 employees. [4]

The Treasury has been responsible for South African Airways since December 2014 [5]

Corruption

Oracle Corporation contract and corruption probe

In 2017, a whistleblower notified the U.S. Securities and Exchange Commission and US Department of Justice, alleging possible violations of the Foreign Corrupt Practices Act in awarding of a R 1 billion  (2015) (equivalent to R1.17 billion or US$ 88.54 million in 2018) [6] contract to the Oracle Corporation by National Treasury in 2015. [7]

In March 2024, the Special Investigating Unit found that there were conflicts of interest, irregular processes, and non-compliance with policies and legislation, and said it would petition to blacklist Oracle in South Africa, cancel the contract and recover the money paid. [8]

Ministers

See also

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References

  1. ↑ "Nhlanhla Nene removed as finance minister". Mail & Guardian. 9 December 2015. Retrieved 30 May 2017.
  2. ↑ "Pravin Gordhan announced as new Minister of Finance". eNCA. Retrieved 30 May 2017.
  3. ↑ Staff Reporter. "President Jacob Zuma has fired finance minister Pravin Gordhan". The M&G Online. Retrieved 4 August 2017.
  4. ↑ "Vote 9: National Treasury" (PDF). Estimates of National Expenditure 2010. Pretoria: National Treasury. 17 February 2010. ISBN   978-0-621-39079-7 . Retrieved 30 August 2010.
  5. ↑ "Responsibility for SAA transferred across to Minister of Finance - Treasury - POLITICS | Politicsweb". www.politicsweb.co.za. Retrieved 2 November 2016.
  6. ↑ South Africa – Consumer price index, International Monetary Fund, International Financial Statistics and data files.[ dubious – discuss ]
  7. ↑ "Oracle 'no comment' on IFMS corruption allegations - TechCentral". 11 March 2019. Retrieved 2 April 2024.
  8. ↑ "SIU takes aim at Oracle in treasury corruption probe - TechCentral". 28 March 2024. Retrieved 2 April 2024.


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