South Africa’s economy is being held back by regular power cuts and the nation has one of the world’s highest unemployment rates. The Reserve Bank has repeatedly said bolstering economic growth and job creation fall outside the scope of monetary policy.
Mantashe said the mandate needed to be expanded to “meet the needs of the economy,” while Mmamoloko Kubayi, the head of the ANC’s economic transformation committee, said various options needed to be explored to ensure the bank does more to encourage job creation. One of those was a constitutional amendment, she said, while stressing that the party is committed to protecting the bank’s independence.
He also indicated a resolution the ANC adopted in 2017 for the government take ownership of the Reserve Bank, one of the few privately owned central banks in the world, is unlikely to be implemented because the government can’t afford it, and in any event that money would be better spent on economic development.
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