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ANC committee to start process of nationalising Sarb

While giving an update following a three day meeting, Secretary General Ace Magashule says they want to discuss the modalities around nationalising the central bank.

ANC Secretary-General Ace Magashule. Picture: @MYANC/Twitter

JOHANNESBURG - The African National Congress’ (ANC) national executive committee has tasked its economic transformation committee with starting the process of nationalising the South African Reserve Bank (Sarb).

While giving an update following a three day meeting, Secretary General Ace Magashule says they want to discuss the modalities around nationalising the central bank so they can press ahead with the plan.

WATCH: ANC media briefing

The ANC decided at its conference in December to nationalise the Reserve Bank. Now the party says it’s ready to begin discussions on how this will happen. Magashule says they are looking at the modalities of how to implement the resolution.

“The resolution of the conference has to be implemented. It has to be implemented with sensitivity in consultations and engagements.”

Magashule says they will be cautious and will consult widely before taking a decision on the way forward.

The party has not attached timelines to this process and are opting to consult broadly on the matter.

(Edited by Shimoney Regter)