ANC wants explicit mention of job creation in Reserve Bank mandate | Business

The governing ANC supports the central bank's inflation-targeting policy and independence but would like an explicit mention of job creation in its remit, Finance Minister Enoch Godongwana has said.

The central bank considers a range of issues including employment when implementing its constitutional mandate, and a direct reference to jobs won't affect its operations, the minister said. "Price stability is sacrosanct," Godongwana said, echoing Reserve Bank Governor Lesetja Kganyago's stance. It has doubled the benchmark rate since November 2021 to 7% in response to the worst global inflation shock in a generation. While the move drew criticism from some politicians and labour unions, its stance meant South Africa hasn't experienced of the scale experienced by some of its African and developed-market peers, and interest-rate hikes haven't been as large as in other emerging markets.

_Business I think this man sits with Google open on his laptop then just quotes what he sees as an appropriate response. We are f😡🤬k thanks to these policies. The basic food basket is over R4 500pm.

_Business We just have to love this government.... Create jobs in areas where its dominated by cheap Chinese imports like clothing etc... I wear a size 13 shoe and believe me I can get no South African shoe that fits so why pay R2500 if you get a Chinese make for R400... Goodby one job...

_Business Bank of England, BoJ, BoC, RBA, and so on, are central banks owned by the government of the country. Why cant we own our central bank?

_Business Absolutely. The Reserve Bank must start maintenance on power plants and railways

_Business What's the point?

_Business Without electricity? Maybe windmill turners will be the next highly in demand profession

_Business Finally... how long have we waited for jobs!

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