Ramaphosa: SARB mandate already in Constitution
The African National Congress (ANC) has clarified its stance on what was decided regarding the mandate of the South African Reserve Bank (SARB) with President Cyril Ramaphosa joining the fray.
In a statement released on Thursday, the governing party says the role of SARB is already set in the Constitution.
ANC secretary general, Ace Magashule said this week that the governing party’s National Executive Committee (NEC) resolved at its latest Lekgotla that the SARBs mandate should be expanded.
Finance minister Tito Mboweni, however, took to Twitter to react and say there is no “quantitative easing” taking place. Mboweni also shared a link to a media report quoting the ANC's economic transformation chair, Enoch Godongwana as saying the ANC NEC did not decide to expand the SARB mandate.
Ramaphosa eventually released a statement on the matter as President of the ANC. This after the likes of Kgalema Motlanthe said the party needs to speak with “one voice.”
The statement said that the SARB’s mandate should be exercised along with consultations with the government.
"It is our desire that the South African Reserve Bank be publicly owned. However, we recognise that this will come at a cost which, given our current economic and fiscal situation, is simply not prudent," it states.
The party says the public spats between ANC members has not been helping matters.
"In the above context officials have viewed the recent public spats about the mandate of the SA Reserve Bank as not being helpful and mitigating and undermining the confidence of citizens and investors."
It has come to my attention that there is a fake tweet doing the rounds alleged to be from my account.
— Ace Magashule (OFFICIAL) (@Magashule_Ace) June 6, 2019
The Officials have met today and we have agreed to the below statement. All ANC members who love Tweeting and expressing themselves are to adhere to this line of march. pic.twitter.com/CTwkXNPmOA