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EFF ready to table bill in bid to nationalise Reserve Bank

In a statement, the EFF said Tito Mboweni’s economic ideas dismally failed to create jobs, alleviate poverty and reduce inequality.

EFF leader Julius Malema campaigns in Limpopo on 28 April 2019. Picture: @EFFSouthAfrica/twitter.

JOHANNESBURG - The Economic Freedom Fighters (EFF) has condemned Finance Minister Tito Mboweni’s dismissal of a resolution to nationalise the Reserve Bank.

On Wednesday, Mboweni clarified the mandate of the Reserve Bank, saying it operates independently without fear, favour or prejudice, provided there is regular consultation with him as the minister.

He made these comments in response to the ruling party's secretary-general Ace Magashule who told journalists the party's national executive committee (NEC) had resolved to expand the mandate of the central bank.

However, the African National Congress explained that it had not decided to expand the central bank’s mandate to include growth and job creation, as had been previously stated.

In a statement, the EFF said Mboweni’s economic ideas dismally failed to create jobs, alleviate poverty and reduce inequality. The party reiterated that the bank must be nationalised, saying private interests must be cut off completely to allow the bank to fully belong to the South African public.

The EFF said it would table a bill to realise the nationalisation of the bank when the sixth Parliament reopens.

It said the governing party must show some courage in implementing their own resolutions and should never allow Mboweni to bully them into silence. During the 2017 ANC conference, the party resolved to nationalise the Reserve Bank.

At the same time, Reserve Bank governor Lesetja Kganyago said the central bank would continue to operate independently, without political interference.

Kganyago said the bank did not answer to political parties.

The ANC's economic transformation head Enoch Godongwana, meanwhile, also weighed in, saying in a statement that no decision was made to change the central bank's mandate.

Godongwana echoed Mboweni's view that Sarb must protect the currency in the interest of sustainable economic growth.

(Edited by Shimoney Regter)

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