The ANC insists that it will not tinker with the mandate of the SA Reserve Bank, despite its election manifesto stating that monetary policy has to take employment and economic growth into account. Enoch Godongwana, the party’s head of economic transformation, told Business Day that the intention behind the promise on the Bank was "to improve co-ordination between fiscal and monetary policy". However, analysts have warned that the manifesto points to uncertainty about the party’s commitment to the Bank’s independence. While the manifesto speaks to the mandate of the central bank, its mandate cannot be changed without an amendment to the constitution. Other objectives The governing party says in its manifesto: "The ANC believes that the SA Reserve Bank must pursue a flexible monetary policy regime, aligned with the objectives of the second phase of the transition. Without sacrificing price stability, monetary policy must take into account other objectives such as employment creation ...

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