[EXCLUSIVE] Kganyago: We won’t participate in ANC talks on nationalising Sarb

In an exclusive interview with Eyewitness News, Kganyago says the Reserve Bank will not be drawn into the ANC’s engagement on nationalising it.

FILE: SA Reserve Bank Governor Lesetja Kganyago. Picture: Cindy Archillies/EWN

JOHANNESBURG – Reserve Bank Governor Lesetja Kganyago says they will not participate in the African National Congress (ANC)'s discussions on nationalising the central bank.

The ruling party announced this week that it will start discussions to implement its resolution for the reserve bank to be fully state-owned.

In an exclusive interview with Eyewitness News, Kganyago says the Reserve Bank will not be drawn into the ANC’s engagement on nationalising it.

“We’re not going to be participating in the party debates around this matter, we participate in government processes.”

Kganyago insists that the bank remains independent even with private shareholding.

He says the move by the ANC will cost the fiscus and may be too risky for the economy.

“The important thing is the question of the mandate and independence of the South African Reserve Bank.”

The ANC did not give timelines of when it wants the process of nationalising the reserve bank complete, but Kganyago says it may be a protracted matter.

(Edited by Leeto M Khoza)