No decision to expand SARB mandate: Godongwana

SABC News enoch godongwana 1 - No decision to expand SARB mandate: Godongwana

The African National Congress’ (ANC) economic transformation head, Enoch Godongwana, says the ruling party has not taken a decision to expand the mandate of the South African Reserve Bank (SARB).

This contradicts what ANC secretary general Ace Magashule said at the post Lekgotla briefing in Pretoria on Tuesday.

Magashule told the media that the party’s national executive committee has agreed to expand the mandate of the South African Reserve Bank (SARB) to focus on development and job creation.

In terms of its mandate, the Central Bank is required to achieve and maintain price stability in the interest of balanced and sustainable economic growth in the country.

The ANC, at its elective conference in December 2017, resolved that the bank should be nationalised, but did not discuss the bank’s mandate.

Godongwana says Magashule statement is inaccurate.

“Obviously in a meeting of 400 people somebody raises a point in the corner and people sometimes tend to select what they like. You can’t then make it a conference resolution. I think the people that were working with him in collecting the data and resolution on conference were inaccurate,” explains Godongwana.

The post No decision to expand SARB mandate: Godongwana appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *