A statement released by the ANC secretary-general Ace Magashule sets out the government’s “five-year programme to translate the ANC’s contract with the people of South Africa into action” and signals a sharp jump to the left. However, hours after its release, Finance Minister Tito Mboweni denied there was an agreement to alter the mandate of the Reserve Bank.
Unemployment is at its worst level yet. Parastatal debt at Eskom, SAA and others is nearing R700-billion, and debt repayments are becoming due. Even the ANC, known for kicking the economic can down the road, cannot play the delay game anymore.reducing unemployment from 27.6% to 14% in the next five years, it appears it cannot agree on how to achieve this.yet the five-year plan reads like a wish-list.
According to the plan, the ANC NEC Lekgotla also agreed to expand the SARB mandate beyond price stability to include growth and employment. However, he said, while nothing may happen in the short to medium run in terms of actual change, severe damage can be done as these issues are pushed forward.
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