A reviewing of the SA Reserve Bank mandate features in the ANC’s election manifesto, which halts the push for nationalisation but instead drives for a more flexible and easy monetary policy.
At the party’s election manifesto launch in Durban on Saturday, the ANC finally elevated the debate to possible government policy, some years after the status of the Reserve Bank became a contentious subject within the party.
The commitment has placed an obligation on the ANC to implement the decision should it win the May general election.
The Reserve Bank is a public institution but it has an independent mandate.
Echoing the delegates at the party’s 2017 Nasrec national conference in Johannesburg, the ANC’s manifesto states the Reserve Bank should pursue a flexible monetary policy regime, aligned with the objectives of the party’s programmes.
This was to be done “without sacrificing the price stability, but redirecting monetary policy to take into account other socioeconomic objectives, such as employment creation and economic growth”.
At the Nasrec conference, delegates said it was “a historical anomaly that there are private shareholders of the Reserve Bank”, adding that it should be 100% owned by the state.
They urged government to “develop a proposal to ensure full public ownership in a manner that does not benefit private shareholder speculators”.
Last year, three months after the conference, Parliament was set to debate the nationalisation of the Reserve Bank as per the conference resolution to “develop a proposal to ensure full public ownership in a manner that does not benefit private shareholder speculators”.