Mantashe: ANC won't be pressured on Reserve Bank's future

Mantashe said the government's responsibility was to protect state coffers while carefully implementing the resolutions of the ANC.

FILE: Mineral Resources and Energy Minister Gwede Mantashe participating in the Sona debate on 25 June 2019. Picture: GCIS

JOHANNESBURG - African National Congress (ANC) chairperson Gwede Mantashe says there is a combination of interests pushing for the abrupt nationalisation of the South African Reserve Bank (Sarb), including shareholders who want to cash out and get maximum benefits.

Mantashe said government's responsibility was to protect state coffers while carefully implementing the resolutions of the ANC.

Senior ANC leaders engaged in what had been described as a reckless public spat over the party's conference resolution to nationalise the bank and expand its mandate to include employment creation.

Until now, the perception in the public discourse has been that the fight over Sarb ownership and mandate was limited to ANC factional fights, but Mantashe said there was more to it than that.

“Those who are shareholders want to cash out and get maximum benefits out of the Reserve Bank. It is our duty to protect the coffers of the state.”

Mantashe further said the ANC would not be pushed into implementing the Nasrec resolution prematurely and to the detriment of the country by reckless and radical people who were only concerned with sloganeering.

“There is a resolution, we are all aware of it. It must be done, and we have five years to do it, by the way. Now, those who want to appear radical and border on being reckless to think that you can walk out of a conference and say the Reserve Bank has now been nationalised.”

Sarb has over 700 shareholders across the world.

(Edited by Mihlali Ntsabo)