We'll act 'responsibly' and with 'sensitivity' when nationalising Reserve Bank - ANC

2018-05-29 19:11
Ace Magashule. (The Witness)

Ace Magashule. (The Witness)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Video

WATCH: 'The Reserve Bank should be an independent entity' - Ramaphosa

2018-05-25 13:48

President Cyril Ramaphosa has given his strongest indication yet that he wants the independence of the country's Reserve Bank protected and he is ready to defend it. Watch.WATCH

The ANC’s national executive committee has directed its sub-committee on economic transformation to urgently focus on the nationalisation of the South African Reserve Bank.

The party’s secretary general, Ace Magashule, made the announcement to journalists at a post-NEC media briefing on Tuesday at the ANC's headquarters, following a three-day meeting which ended on Monday.

"It’s a resolution of conference. It has to be implemented. It has to be implemented with sensitivity, in consultation and engagement with various stakeholders and shareholders," said Magashule.

The move is in line with the ANC's 54th national conference resolutions, where delegates agreed to nationalise the Reserve Bank. Last week, President Cyril Ramaphosa gave the strongest indication yet that he would defend the independence of the bank, even if the government became its sole shareholder. 

Read here: Ramaphosa fiecely defends independence of the SARB

Magashula said the NEC wanted its economic transformation committee to handle the sensitive issue the same way it had dealt with its decision to expropriate land without compensation.

The party held a land summit where it engaged with different stakeholders. Some maintained that there was no need to amend the country’s Constitution, as Section 25 allowed for land to be expropriated without compensation. Others argued that it was ambiguous and needed to be changed. The ANC’s NEC has agreed to test the current legislation on the matter.

Magashule admitted that the governing party had no idea how long it would take to actually nationalise the Reserve Bank, but said they would deal with the matter "responsibly".

"I can’t tell you when, and give you details… that’s why we are referring this matter to the economic transformation sub-committee," he told journalists.

"We have to make sure we act responsibly as the ANC. We want to give ourselves time," he added.

Magashule said it was common all over the world for reserve banks to belong to the state and, in South Africa already, its governor was appointed by the government.

Read more on:    sarb  |  anc

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
/News
Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.