Lesetja Kganyago a ‘capable black’, will do well – EFF

2014-10-07 10:17

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The appointment of Lesetja Kganyago as South African Reserve Bank governor is an affirmation of “neoliberalism” in the country, the Economic Freedom Fighters has said.

“Kganyago has been part of the neoliberal thinking that constituted both the ANC government and the reserve bank for a while,” the party said today.

“The idea of inflation targeting and reliance on foreign direct investment as central to macroeconomic planning have not provided anything for the poor.

“Kganyago is part of that implementation of neoliberal policies as the director-general in the national treasury and continues to espouse this thinking to this day.”

President Jacob Zuma announced Kganyago’s appointment at the Union Buildings in Pretoria yesterday. Current governor Gill Marcus steps down on November 8.

The EFF said all private banks should be nationalised, and the government should own 60% of their shares.

Banks had to be given development and job creation mandates, contribute to education and be “democratically run”.

“Only a vision of regulating and structuring monetary policy rooted in these ideals can bring about change in the lives of ordinary and poor South Africans,” the party said.

It called Kganyago a “capable black person” who would do well as governor.

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