The EFF manages a total of 27 bank accounts, all respectively serving specific functions essential to the organisation’s operational and statutory requirements.
Among the bank accounts are those designated for party levies, merchandise, membership fees, payroll and an operational account.
These are some of the ways in which the party remained financially sustainable between December 2019 and December 2024 against what it calls a boycott by capitalist establishment in South Africa for its ideals.
Party treasurer’s report
These revelations are contained in the EFF treasurer’s report, which was tabled to delegates only in a closed session by Omphile Maotwe at the third national people’s assembly (NPA) at the Nasrec Expo Centre.
Sunday World has seen a copy of the report, which explains how the party makes its money, how it spends it, and on what.
“The organisation’s funding is primarily sourced from parliamentary and provincial legislature allocations. With the IEC being another significant contributor. In addition to the institutional funding, the organisation generates income through party levies, merchandise sales and membership joining fees and donations,” reads Maotwe’s report.
“These funding streams reflect the organisation’s commitment to self-reliance, minimising dependence on corporate sources that might influence the revolutionary ideas.
“The organisation manages a total of 27 bank accounts, including one main account with Standard Bank.”
Solid asset management system
Among other ways the EFF has managed to remain financially sustainable, Maotwe told delegates, was the party’s solid asset management system.
And among its acquired assets, movable and immovable, was their head office building. The building is stuated on Ghandi Square in Johannesburg city centre. Also the elections campaign sound-installed trucks and bakkies.
“In addition to managing office spaces, the TGO (treasurer-general office) has also overseen the maintenance and management of the EFF’s fleet of vehicles. These include the mobilisation bakkies and trucks used for rallies and other mass mobilisation activities,” Maotwe wrote.
“The TGO facilitated the acquisition of a 177 hectares farm in Magaliesburg. It is for the sole purpose of building the Winnie Madikizela Comprehensive School. This… further extends the EFF’s asset management portfolio.”
Maotwe complained about how the introduction of the Political party Funding Act has pushed the EFF into a corner financially. How it forced the party to find creative ways to make money.
As a result of this law, the EFF has seen its coffers running dry. And thus forcing the party to adopt stringent cost-cutting measures whilst not compromising organisational activities.
Sale of merchandise
“The sale of merchandise has emerged as one of the most crucial fundraising strategies for the EFF. This especially in light of the Political Party Funding Act, which limits the reliance on corporate and large private donations. To enhance merchandise sales, the TGO engaged various service providers and developed an online store. This made it easier for supporters to purchase EFF-branded items.”
The party also took full advantage of its 10th anniversary popular Vuma Kamnandi anthem. It made it a caller-tune costing R1 a week for MTN users, from which proceeds the EFF gets financially empowered.
