LETTER: ANC’s designs on Reserve Bank speak of recklessness
It is nauseating that President Cyril Ramaphosa is seen hobnobbing with Jacob Zuma
I find it nauseating and disturbing that in the media recently President Cyril Ramaphosa is seen hobnobbing with Jacob Zuma.
While the ANC manifesto speaks to the mandate of the Reserve Bank, its mandate simply cannot be changed without an amendment to the constitution. This much is clear.
The ANC also believes that the regime pursued by the Reserve Bank “must be aligned with the objectives of the second phase of the transition”. This gobbledygook is deficient on detail and probably couldn’t be articulated explicitly in any event.
Analysts have said that “a political party should not be commenting on the role of what should be a fiercely independent institution”.
Then, an ace was played on Sunday by none other than the ANC secretary-general, Ace Magashule, when he said in an interview, “The Bank would be nationalised even if some members of the party’s national executive committee disagreed.”
Clearly an ally of Zuma, Magashule and many of his cohorts show little understanding of the sensitivity and independence of a central bank.
Also clueless about commercial matters is the South African Communist Party, a staunch ally of the ANC, which has sent Venezuelan president Nicolás Maduro “warm congratulations” on his “re-election”, despite the fact that Venezuela is a failed state, broken by its leader.
Two things are becoming clear in SA. First, we are running out of money at a frightening rate. Second, having looted and destroyed state-owned entities, municipalities, a black-owned bank and almost every department in government, the ANC now seeks to perpetuate its lavish lifestyle for its members at any cost.
One has only to look at the obscene display of flashy extravagance last weekend in Durban, of luxury vehicles accompanied by lavish partying by ANC officials and members.
The problem with the ANC and their voters is that they don’t know that they don’t know.
Nathan Cheiman, Northcliff