The Banking Association South Africa (Basa) said on Thursday that it was particularly alarmed that the ANC conference had resolved to nationalise the South African Reserve Bank.

"Critical state institutions have been steadily attacked to support the politically expedient needs of the few, and the conference indicates little hope of this being curtailed," Basa said in a statement.

"Too little is being done to address what this means in terms of the efficacy of these bodies, the flight of essential talent, and the severe systemic effect on our economy and our people as we head into the next round of ratings reviews."

It said institutional stability, especially of entities such as the Reserve Bank, judiciary and Public Prosecutor, had to be protected. While Basa welcomed the ANC’s resolution to convene a workshop to devise a future path for land reform, it was important not to worsen the plight of the poor through job losses or food insecurity.

Basa welcomed Cyril Ramaphosa’s election as the new ANC president and said it would work with leaders that had a commitment to ethical behaviour and the national interest. "However the continued presence of many linked to corruption and state capture in the ANC leadership does not bode well for addressing, decisively, such scourges."

It said the country needed a leadership that could bring everyone together to agree on a common future and a clear path to reach it. The goal had to be a decent living for the majority of people.

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