Delegates cheer at the African National Congress 5th National Policy Conference at the Nasrec Expo Centre in Soweto, June 30, 2017. Picture: SUPPLIED
Delegates cheer at the African National Congress 5th National Policy Conference at the Nasrec Expo Centre in Soweto, June 30, 2017. Picture: SUPPLIED

The ANC has agreed that the Reserve Bank should be owned by the state, economic transformation subcommittee head Enoch Godongwana confirmed on Wednesday.

"It is an anomaly that an institution like the Reserve Bank should be in private hands ... the independence of the Reserve Bank should be guaranteed," he told journalists at a media briefing. 

He said generally across the world there was a movement away from privately owned central banks, but SA had not followed that trend.

The debate on nationalising the Bank was won in the ANC’s economic transformation commissions and was not contested in the plenary session.

The proposal will now be taken to ANC structures for further discussion.

A final decision on the ownership of the bank will be taken at the ANC's national conference in December. 

The Bank came under scrutiny after Public Protector Busisiwe Mkhwebane recommended that the Constitution be amended to change the mandate of the bank.

On Monday, ANC KwaZulu-Natal leader Sihle Zikalala told Business Day that his province would push for a discussion on the ownership and the mandate of the Reserve Bank.

The plenary discussion on economic transformation began shortly before midday on Wednesday.

The proposal to nationalise the bank was contained in the commission report delivered to the session.

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