The ANC’s resolution to nationalise the Reserve Bank is based on ideology and a misunderstanding of what it does, according to the Bank’s governor Lesetja Kganyago. The ANC decided at a conference in late 2017 to nationalise the Bank, which is one of a handful globally owned by private investors. The shareholders have no say over monetary policy decisions and the central bank’s mandate — to target inflation — is set by the government. President Cyril Ramaphosa said in March that the ANC is determined to follow through on the resolution because it will affirm the country’s sovereignty. Kganyago has warned that the move could mask an attack on the Reserve Bank’s independence. “I can’t see any benefits and frankly it’s a zombie debate,” he said in an interview with radio station Power FM on Wednesday. “It doesn’t matter how much you explain, in the end people won’t say ‘we want to feel we have nationalised it and that’s it’. To what end is not what anybody answers.” Kganyago est...

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