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DA wants Ramaphosa to stop Magashule from 'ever' speaking about economy

The DA called on President Cyril Ramaphosa to stop ANC secretary-general Ace Magashule from ever speaking on the economy and said he should also explain how the party’s NEC came to issue the “damaging” statement that it did on the South African Reserve Bank.

Cyril Ramaphosa takes the oath of office as the President of the Republic of South Africa at Loftus Versfeld Stadium in Pretoria on 25 May 2019. Picture: Abigail Javier/EWN.

CAPE TOWN - The Democratic Alliance (DA) called on President Cyril Ramaphosa to publicly clarify government and the African National Congress' (ANC) stance on the mandate of the South African Reserve Bank (SARB).

This week, ANC secretary-general Ace Magashule stated the national executive committee (NEC) resolved to expand the mandate of the central bank to include growth and job creation, but that statement was rejected by the party's economic transformation head, Enoch Godongwana, who said no such decision had been taken.

SARB governor Lesetja Kganyago reiterated the central bank would continue to operate independently without political interference.

The DA urged Ramaphosa to stop Magashule from ever speaking on the economy and said he should also explain how the party’s NEC came to issue the “damaging” statement that it did.

The DA’s finance spokesperson Geordin Hill-Lewis said the statement could not be explained away as innocent miscommunication.

“What we need is for President Ramaphosa to break his silence of the last few days and to clarify his support and his position on the mandate of the South African Reserve Bank and for him to lead the reform agenda in government to get the economy going.”

On Tuesday, an ANC statement referred to expanding the mandate of the SARB and quantitative easing to deal with government debt, which was then firmly ruled out by Kganyago and Finance Minister Tito Mboweni.

But Hill-Lewis said Ramaphosa should still step in to quell the uncertainty the contradictory messages have sparked among investors.

(Edited by Mihlali Ntsabo)

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