ANC denies financial cash flow crisis allegations

The African National Congress denies allegations of the party having financial strains to print election materials.

ANC DENIES BEING BANKRUPT

The ANC has denied allegations that the party needs money to print election materials for the 29 May elections.

According to Eyewitness News these were followed by reports that the party was struggling to raise funds to print election materials for upcoming national and provincial elections at the end of May.

There were reports that the ANC Treasurer-General Gwen Ramokgopa, said that the party was in a stable financial position.

Ramokgopa stated that they had implemented an asset management system to address their reported financial difficulties.

Over the years, the ANC has faced significant financial difficulties, struggling to pay its staff and creditors on time.

ANC SEEKS FINANCIAL STABILITY THROUGH CROWDFUNDING

Earlier this year the ANC had established a crowdfunding initiative where members and the public could make contributions towards the party.

This crowdfunding was aimed at stabilising the party’s finances to help it run smoothly during the elections.

According to The Daily Maverick the crowdfunding initiatives will allow people to make pledges in two ways,a short SMS code for pledges ranging between R10-R30  and and an EFT payment system where people can pledge between R100 – R99 000.  

The party’s website stipulates that the initiative will better equip it to register a “decisive win in the forthcoming National and Provincial General Elections in 2024.”

It was reported by the Daily Maverick that The crowdfunding initiative came days after the party reached an out-of-court settlement in its R102-million debt, plus interest and costs it owes to Ezulweni Investments.

This is a company that printed election banners and other campaign material featuring Ramaphosa, which helped clinch a win for the party in the 2019 elections.