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ANC Secretary General Ace Magashule confirmed that the party will push ahead with nationalising the bank.

The ANC’s National Executive Committee (NEC) spent the past weekend discussing a variety of issues and future plans for the party and its governance. Amongst them – the issue of whether or not to continue the party’s plans to nationalise the Reserve Bank.

According to the party, it will engage widely on the issue of nationalising the bank before moving forward with the implementation of policy around it.

Earlier this year, the party rushed into tabling a motion on the bank’s nationalisation. Before it could be debated, the party withdrew it after an intervention from Finance Minister, Nhlanhla Nene.

What some ANC members don’t seem to understand, though, is the fact that the bank is independent from the government and private shareholders have no say regarding monetary policy.

By: Monti Montsha

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