At its national conference in Bloemfontein in December 2012, one of the ANC’s resolutions on macroeconomic policy read: “SA requires a flexible monetary policy regime, aligned with the objectives of the second phase of the transition. Without sacrificing price stability, monetary policy should also take into account other objectives such as employment creation and economic growth.” In December 2017, the party’s national conference in Johannesburg reaffirmed the resolution. It also said: “It is, however, a historical anomaly that there are private shareholders of the Reserve Bank. Conference resolves that the Reserve Bank should be 100%-owned by the state.” Earlier in January, the ANC’s elections manifesto repeated the resolution in a one-paragraph statement on macroeconomic policy. The media then started to conflate unrelated issues. An ENCA journalist asked ANC secretary-general Ace Magashule an absurd question: Is the ANC’s manifesto statement that there should be a more flexible ...

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