South Africa’s governing ANC wants to broaden the central bank’s mandate to ensure it plays a bigger role in supporting the economy, a change that may require a constitutional amendment it won’t be able to effect on its own.
The ANC’s proposal comes as the economy struggles to recover from the coronavirus pandemic and an ongoing electricity supply crisis that’s curbing output. The South African Reserve Bank implements its inflation-targeting mandate in the interests of balanced and sustainable growth and has repeatedly said obstacles to bolstering economic growth fall outside the scope of monetary policy.
While the Economic Freedom Fighters, the third-largest party, agreed with the ANC on the need for the SARB’s mandate to be changed, the governing party won’t make concessions to the opposition in exchange for their support to amend the constitution, according to Mantashe. The ANC has tried to make changes at the SARB before. It decided in 2017 that the government should take ownership of the privately owned bank, but the process — which requires a change to the Reserve Bank Act and an agreement on the price of shares — has stalled.
The reserve Bank is not there to be plundered by the ANC
No expansion of mandate needed..stop corruption mismanagement & misuse of public funds..& ensure competent ppl are employed..further cut the bloated cabinet & generous perks
The SA economy is constantly shrinking, so how will this help.? Just another cash cow for MYANC to feed on.!! FuckQueenRamaphosa FokOffANC MYANC PresidencyZA CyrilRamaphosa
Stop talking rubbish old man. You, anc is the problem.
Not content with fucking over Eskom, Gweezy turns his attention to the rest of the economy.
Thanks for the next fuel price increase GwedeMantashe1
I think it has to grade mandates not expand
Ti him this means creating opportunities for cadres to enrich themselves.
Has to be. Should be. Could be. But how and when?
Don't need mandate Just some more printing presses
How much money have stolen over the years. Biggest hypocrit, thief. You are a disease for our country.
It must be. You cannot target inflation on the monetary side and create jobs at the same time on the fiscal side.
Very funny.
Brace for a weaker Rand.
mykhails won’t like like. But he will deal
_Business Just remember the word is suffarge in the constitution not suffrage.
_Business Any idea from him and his cadre friends must be ignored.
_Business While the idea is a noble one, one is not sure if the architects of this idea have good intentions.
_Business God help us all. Zim 2.0
_Business
_Business They know very well that they will not do that. It is lip service again from the ANC.
_Business They don’t rule either
_Business Fuckit Just print money Easy peasy
_Business Another ANC suicide economy Bomber!
_Business Corruption and looting loading!!
_Business The CyrilRamaphosa regime has no idea what the word “govern” means. Please stop using it - they “rule”. There is no governance in the looting, corruption and cadre deployment.
_Business Noooooo‼️‼️‼️we know why u want to do this, noooooo ANC DONT ALLOW IT!!!
_Business They want to loot the central bank
_Business It’s quite clear that the ANC is stony broke and desperately scrounging for ways to get their hands on money
_Business Translation: “we’re running out of places to steal from. We’d like to try the SARB next please”
_Business Some stuff of dreams
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Source: BusinessTechSA - 🏆 24. / 61 Read more »