It is still early at the moment to determine who or what interest will have absolute control and ownership of the new Reserve Bank. The African National Congress (ANC) economic transformation commission chair Enoch Godongwana says the party’s policy conference has resolved to keep the Reserve Bank independent but to investigate changing its ownership.
The party has also resolved to further study how to speed up land restitution to make an informed decision about whether there should be expropriation without compensation.
Two weeks ago, Public Protector Advocate Busiswe Mkhwebane found the Reserve Bank’s monetary policy mandate should no longer focus on inflation targeting.
Godongwana says that they have come to a decision about the Reserve Bank.
“In fact, the resolution takes directly from the Constitution, that quotation should be guaranteed. But there’s a general agreement that the anomaly of a reserve bank that is still in private sector … it’s a problem.”
He says the discussions about the Reserve Bank and land reform will continue in ANC branches until December.
Delegates here have also resolved that they’ve got to change the way the economy is concentrated.