Manuel says he has served for too long

By Nasreen Seria - Business Report

Trevor Manuel says he has been South Africa's finance minister for too long and has discussed his future with the ANC leadership.

"Trevor Manuel is too long in this chair," he said in an interview with Radio Sonder Grense yesterday. "It's important in a democracy to make changes from time to time."

Manuel has been finance minister since 1996.

"I don't want to own this position," Manuel said. "I will be there to give a hand to my successor. It's a discussion that I often have with the leadership of the ANC, with the president, but people don't listen to me."

President Kgalema Motlanthe would probably appoint Enoch Godongwana, a former MEC in the Eastern Cape, as the country's deputy finance minister, the Sunday Times reported on October 12, citing unidentified ANC officials.

Meanwhile, during an interview with the SABC yesterday, Manuel said the country's mining industry was at "risk" because of the fallout from the global financial crisis. "Demand is likely to fall and prices will be low," he said.

South Africa's mining output had declined 6.2 percent in August from a year ago, Statistics SA said on October 9.

A drop in mining production might lower corporate profits and tax earnings next year, Manuel said in his medium-term budget statement on Tuesday.

The rand would probably remain under pressure because of "irrationality" on global equity markets at the moment, Manuel said. "Some of that roller coaster ride will remain over the next few months."