SA is about to nationalise its central bank. A move that technicians generally agree will do little to enhance monetary policy but has the ability to strangle the country’s access to global financial markets and possibly lead to investor flight.

In 1985, reformist Chinese leader Deng Xiaoping gave economic management advice to then Zimbabwean prime minister Robert Mugabe on the importance of market-opening reforms in reducing poverty in China. It is advice that SA policy makers need to reflect deeply on — and be decisive. China was in its seventh year of implementing its “reform and opening-up” programme.

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