Ramaphosa says independence of the Reserve Bank is 'sacrosanct'

accreditation

President Cyril Ramaphosa says there are no plans to interfere with the independence of the SA Reserve Bank, in an apparent climb down from what is contained in the ANC's election manifesto. 

The ANC last week included a review of the Reserve Bank's mandate in its manifesto, but did not call for outright nationalisation. 

Addressing business leaders on Wednesday morning ahead of the World Economic Forum in Davos, Ramaphosa said what came out of the ANC meeting was a line that only expressed wishes and aspirations, not a change in policy.

"There is no intention whatsoever to tinker with the independence of the Reserve Bank," he said. "The independence of the Reserve Bank is sacrosanct, there should be no debate about that. We should not be alarmed," he said adding that similar debates about the role of central banks are common globally. 

Stabilising Eskom

Ramaphosa said the Eskom task team he appointed in mid-December had been "working feverishly to come up with solutions to see how best to stabilise Eskom and determine a better path for the company".

"There is a glimmer of light at the end of the tunnel,"  he said, confirming that he met with the task team on Tuesday. The national power utility is about R420bn in debt. 

"Eskom is being handled , we don't need to be carrying that burden with us to Davos," he added.

The country's meager economic growth has been worsened by poorly performing state-owned entities, which have been bleeding cash amid allegations of corruption and mismanagement.

Ramaphosa has placed the revival of the economy at the forefront of his priorities since his appointment in February, following the resignation of his predecessor Jacob Zuma.

He has since appointed special investment envoys tasked with selling the country abroad, and in April announced a plan to raise more than R1trn in new investments over five years to kick-start the economy.

Ramaphosa will lead a delegation of  SA ministers to the World Economic Forum which takes place in Davos, Switzerland, between January 22 to 26.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.78
-0.0%
Rand - Pound
20.20
+0.3%
Rand - Euro
17.31
-0.1%
Rand - Aus dollar
10.70
+0.0%
Rand - Yen
0.13
-0.5%
Gold
1,755.08
+0.0%
Silver
22.49
+0.4%
Palladium
1,990.00
-1.4%
Platinum
926.50
-1.9%
Brent Crude
75.34
-0.4%
Top 40
54,899
-3.0%
All Share
61,105
-2.8%
Resource 10
54,270
-3.9%
Industrial 25
79,087
-2.6%
Financial 15
13,720
-2.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
What potential restrictions on unvaccinated South Africans may make the biggest difference to public health, the economy?
Please select an option Oops! Something went wrong, please try again later.
Results
Limited access to restaurants and bars
8% - 45 votes
Limited access to shopping centres
17% - 92 votes
Limited access to live events, including sport matches and festivals
27% - 143 votes
Workplace vaccine mandates
47% - 251 votes
Vote