Trade are still running patience pays,
Big changes for state companies and nationalising the Reserve Bank – here are key proposals from the ANC
The ANC suggested that measures be taken to contain state debt and said that the introduction of a wealth tax be considered to reduce inequality.
The draft policy documents also reiterate that the government should establish a state bank, even though Finance Minister Enoch Godongwana has warned that the country can’t afford to fund it.
Central Bank
The documents state that the “historic anomaly of the private ownership of the South African Reserve Bank must be corrected, in a manner that does not enrich speculators or overburden the fiscus.”
The SARB is one of a handful of global central banks owned by investors — including individuals, commercial banks and pension funds — though its shareholders have no say over monetary policy or the appointment of its governors and Monetary Policy Committee.
While the ANC first decided in 2017 that the state should own the central bank, the process — which will require a change to the Reserve Bank Act and an agreement on the price of shares — has stalled.
The ANC called on the SARB to “implement monetary policy in a balanced manner, taking into account growth, employment, and exchange rate factors.”
The Reserve Bank implements its inflation-targeting mandate in the interest of balanced and sustainable growth, in line with the constitution, and has repeatedly said the obstacles to bolstering output fall outside the scope of monetary policy.
Big changes for state companies and nationalising the Reserve Bank – here are key proposals from the ANC
The ANC suggested that measures be taken to contain state debt and said that the introduction of a wealth tax be considered to reduce inequality.
The draft policy documents also reiterate that the government should establish a state bank, even though Finance Minister Enoch Godongwana has warned that the country can’t afford to fund it.
Central Bank
The documents state that the “historic anomaly of the private ownership of the South African Reserve Bank must be corrected, in a manner that does not enrich speculators or overburden the fiscus.”
The SARB is one of a handful of global central banks owned by investors — including individuals, commercial banks and pension funds — though its shareholders have no say over monetary policy or the appointment of its governors and Monetary Policy Committee.
While the ANC first decided in 2017 that the state should own the central bank, the process — which will require a change to the Reserve Bank Act and an agreement on the price of shares — has stalled.
The ANC called on the SARB to “implement monetary policy in a balanced manner, taking into account growth, employment, and exchange rate factors.”
The Reserve Bank implements its inflation-targeting mandate in the interest of balanced and sustainable growth, in line with the constitution, and has repeatedly said the obstacles to bolstering output fall outside the scope of monetary policy.
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