BLACK business leaders want the Reserve Bank’s mandate to be widened so that it can also focus on employment. "Most developing countries in the world have used a multiplicity of instruments to drive a certain behaviour in the economy, and to a certain extent we are not seeing ourselves as outliers in terms of general thinking," Black Business Council deputy president Sandile Zungu said on the sidelines of the council’s annual conference. "But first and foremost our mandate is about transforming the economy so that there is greater participation by black people in the economy." Zungu’s call is likely to resonate with the ANC’s allies in the tripartite alliance, which have also called for an expansion of the Reserve Bank’s mandate. Founder of the Centre for Economic Development and Transformation Duma Gqubule told the conference that the Bank had contributed to SA’s slow economic growth. He said the Bank should be "implicated" in causing the past three recessions. "Our downturn in the...
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