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S. Africa's ruling party may nationalize central bank but leave it independent

Section: Daily Dispatches

By Olebogeng Molatlhwa and Stbongakonke Shoba
The Times, Johannesburg
Wednesday, July 5, 2017

The African National Congress is mulling the idea of nationalising the South African Reserve Bank but says its independence should be guaranteed.

Addressing the media on the outcome of discussions in the economic transformation commission at the ANC's national policy conference‚ the party head of the economics transformation subcommittee, Enoch Godongwana said that private ownership of the reserve bank was an "anomaly." However‚ he said that come what may‚ the independence of the Reserve Bank should be guaranteed. ...

In the lead-up to the policy conference‚ there had been a strong push to nationalise the reserve bank and bring it completely under the control of the government.

But Godongwana explained that while the reserve bank had more than 650 shareholders‚ their influence over the bank's mandate and decision making was "neither here nor there." ...

... For the remainder of the report:


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