Reserve Bank governor Lesetja Kganyago rightly says that, given SA’s disastrous circumstances, now is not the time to experiment with policies that have “proved a failure in economic history”. Foremost on his mind is probably the temptation to try to mint the country out of trouble. It won’t work.

He is also right to say that “improving the potential growth rate of the economy cannot be left to the central bank alone”. SA’s circumstances have developed because of factors beyond the Bank’s control. The parlous state of public administration has developed out of a conscious politicisation of the civil service, both through the governing party’s cadre deployment initiatives and its refusal to confront the unions decisively...

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