Ace and the magic money tree

- | 3 months ago

After days of messy confusion, President Cyril Ramaphosa finally came out late last week to announce that the ANC will not push for the nationalisation of the SA Reserve Bank because it is "simply not prudent".

The Bank’s mandate, as laid out in the constitution, will not change, he said. Ramaphosa’s statement came two days after ANC secretary-general Ace Magashule announced that the party’s national executive committee (NEC) had decided at its weekend lekgotla that the Bank’s mandate would be expanded beyond price stability to include growth and employment.

He also said the NEC had directed the government to consider establishing a task team to explore quantitative easing as a means of addressing intergovernmental debts and making funds available for development.

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