LUMKILE MONDI: State-owned bank might deepen economic malaise
If institutions such as the Land Bank and National Empowerment Fund are unable to fulfil their mandates, why would a new entity be any different?
In his closing remarks to the parliamentary finance committee last week, finance minister Tito Mboweni reiterated the government’s plans to establish a state-owned bank.
According to Mboweni, the establishment of a state bank is “about addressing the discriminatory nature of established banks”. It appears as though any difficulties Mboweni had in accessing finance for his ventures has got the better of him by taking such a decision...