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ANC warns Mboweni to toe party line on Sarb nationalisation

Finance Minister Tito Mboweni took to Twitter on Tuesday to ask what the ANC wanted to achieve by nationalising the bank.

Finance Minister Tito Mboweni prepares to present his 2019 Budget Speech at the Plenary of the National Assembly. Picture: GCIS.

JOHANNESBURG - The African National Congress (ANC) has cautioned Finance Minister Tito Mboweni to be aware of the implications of his comments about the party’s position to nationalise the South African Reserve Bank.

Mboweni, who is also an NEC member, has tweeted that the ANC adopted the wrong resolution during its policy conference in 2017 by wanting the central bank to be nationalised.

The issue of what purpose the reserve bank should and should not serve has once again played out within the ANC.

Mboweni took to Twitter on Tuesday to ask what the ANC wanted to achieve by nationalising the bank.

Party spokesperson Pule Mabe said that the leadership of the ANC was expected to be consistent, coherent and united on policy positions.

"The leadership of the ANC is expected to appreciate the need to articulate a consistent, coherent and unified message on policy positions. Unfortunately, public spats initiated without any provocation feeds into the narrative of lack of policy certainty."

ANC leaders counter-attacked each other last year about the mandate of the central bank, with some saying the mandate of the institution should be expanded to include job creation.

The party said that only the ANC national conference had the right and power to change any decisions.