The ANC government will push through with the nationalisation of the Reserve Bank – but “in a responsible manner”.
This is according to to ANC secretary-general Ace Magashule, who was briefing journalists on Tuesday on the outcomes of the governing party’s national executive committee (NEC) meeting at the weekend.
Magashule said this was in line with resolutions of the ANC Nasrec conference in December 2017.
“Once more on the SA Reserve Bank the NEC reaffirmed the 54th conference resolution to return the sovereignty of this national institution to the people of SA as a whole.
“The NEC emphasised the policy positions of the ANC on the mandate of the SA Reserve Bank and its intendence as set out in the constitution of the republic which mandate will be exercised with regular consultation with government.
“Our position on the nationalisation of the Reserve Bank has not changed so we have said we are going to implement our resolutions of Nasrec and as we do so decision that must be implemented must be implemented in a responsible way,” said Magashule.
He said it was paramount for the ANC government to do this in a responsible way as it is the governing party.
His deputy, Jessie Duarte, added: “It is our desire that the Reserve Bank should be in the hands of the people of SA and at the same time we must accept that the mandate of the Reserve Bank, because of its independence, that doesn’t change because it cannot change based on who the shareholder is.
“The mandate of the Reserve Bank will continue to be a matter that from time to time is consulted with the government.”
Duarte said there was nothing wrong with expanding the mandate of the Bank, as the UK was doing so currently.