Saturday , April 17 2021

"Ace Magnaul lies:" the reserve bank of the ANC is rising



File: Bonangani Shilubane / African News Agency (ANA).
The fight at the ANC over the extension of the SA mandate The Reserve Bank (Saarb) has intensified on Wednesday, with Kozatu calling for a change in the constitution to allow it.

The latest political row between ANC leaders comes after Party General Secretary Ace Maghaguile announced on Tuesday that the leakage of the ruling party's national executive committee has decided that the mandate of the central bank should extend beyond price stability, to include growth and employment.

However, Chief of Economic Transformation ANO, Enoch Gödongwana, accused Magázula of misrepresenting the results of the NEC lexte.

"He is lying." None of what he said was solved by the backup bank's dentist. I called him and he turned off the phone. "

Göddungana said he later called on ANC spokesman Pule Mabe to express his concerns over the statements made by Mayagualle, which he said were negligent and risked to exacerbate political insecurity in the country.

Mabe could not be found for comment.

Cosuatu, who also took part in the lexte, nevertheless dismissed his opinion behind Magnaule, urging President Cyril Ramaphosa to curb the leaders of the ANC, who opposed enlargement of Sarb, including Finance Minister Tito Mobuveni, who has taken social media to anger Magnaule.

Cosatu's spokesman, Sizev Pamla, urged the president to announce a clear path to ensuring that the central bank's mandate is adjusted to ensure that it tackles unemployment and inflation, as well as the process of its nationalization.

"The president must lead and not allow these political vandals to run amok while our economy is bleeding, because his silence will simply mark the green light for the factions to play games with the lives of workers. People like Tito Mwebeni are shareholders of the Reserve Bank and they are opposing this issue, thus representing their interests, "Pamla said.

In 2017, the national election conference of the ANC decided to nationalize Sarb, but in the ANC and its alliance there are political differences about whether the bank's mandate should be changed or not.

Mebeny accused Majagullah of being obsessed with Sarb.

"Let's leave the CA reserve bank itself to extend its mandate without fear, favor or prejudice. Let's focus on micro-economic restructuring to boost the economy.

"Let us stop calling in business and accepting them as partners in economic growth, investment and job creation," Mobuni said.

The move to change Sarb's mandate was also opposed by its governor Leset Knjaijo, who has repeatedly stressed that the bank's mandate has been derived from the Constitution.

Pamla said the government should not hesitate to change the constitution.

"We want to see efforts to change the source of the power of Sarb to continue targeting inflation.

"This source is Article 224 (1) of the Constitution which states that the primary object (mandate) of the SA Reserve Bank is to protect the value of the currency in the interests of balanced and sustainable economic growth in the Republic," Pamla said.

The Federation has accused Sarb of causing significant damage to the economy under the guise of independence, including by abolishing critical legislation on capital flights outside of South Africa.

"This has led to a massive exodus of large corporations, such as Anglo-American, SA breweries, data on dimensions and the old loan," Pamla said.

The SACP also threw its weight behind Magnaule, calling on the ANC to follow its resolutions.

The Star


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