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[LISTEN] We respect the independence of the Reserve Bank - ANC

20 September 2018 8:45 PM
Tags:
South African Reserve Bank
African National Congress ANC
Sarb
Repo rate

The African National Congress explains why it has retracted an earlier statement on the repo rate.

The African National Congress has retracted an earlier statement on the South African Reserve Bank (SARB) Monetary Policy Committee announcement saying it was issued without proper consultation.

In the statement, the ANC implored the committee to prioritise the plight of poor South Africans whose cost of living is skyrocketing due to increased cost of food, fuel and electricity, healthcare as well as education. It continued to state that the “stimulus package” must be rapidly activated.

Governor Lesetja Kganyago announced on Thursday afternoon that the repo rate will remain unchanged at 6.5% per annum.

Explaining why the the party retracted its statement, Chairperson of the ANC's subcommittee on economic transformation Enoch Godongwana says the organisation respects the independence of the SARB.

We have never in the history of the ANC issued a statement when the Monetary Policy Committee is sitting because we respect the independence of the bank. We do not want in any way to create the impression that these decisions are influenced by the ANC, that would undermine the credibility and values of the bank

Enoch Godongwana, Chairperson of the ANC's subcommittee on economic transformation

Godongwana insists there is a consultative process that must take place before such statements are issued.

Statements of the ANC have protocol on how they are issued, there are heads of committees that must be consulted so this particular statement was not authorised by anyone of leadership in the ANC.

Enoch Godongwana, Chairperson of the ANC's subcommittee on economic transformation

For instance, Pule as the head of communication has the authority to issue a statement even on this matter but in doing so he has got to make sure that it happens in consultation with the relevant committee. This statement was not issued by Pule, it was not authorised by anyone in the ANC.

Enoch Godongwana, Chairperson of the ANC's subcommittee on economic transformation

That statement is not reflective of the conduct of the African National Congress.

Enoch Godongwana, Chairperson of the ANC's subcommittee on economic transformation

Click on the link below to listen to the full conversation....


20 September 2018 8:45 PM
Tags:
South African Reserve Bank
African National Congress ANC
Sarb
Repo rate

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