NEWS ANALYSIS: ANC ‘unity’ project spells policy uncertainty on steroids
It is clear the faction aligned to Jacob Zuma continues to have its sights set on the nationalisation of the Reserve Bank
The ANC has moved swiftly to indicate that its election promise on the Reserve Bank is innocuous. But it is clear the faction aligned to former president Jacob Zuma continues to have its sights set on the central bank. The left — the SA Communist Party and the Congress of SA Trade Unions — has also been agitating for a more flexible mandate for the bank. The ANC remains a broad church, but to effect the kind of economic turnaround it outlines in its manifesto, it cannot continue to tug in opposing directions. The presence of the Bank promise in the manifesto marks a nod to the Zuma grouping and has probably been included to breathe life into the party’s “unity” mantra, which President Cyril Ramaphosa and other leaders ran with in overdrive in the lead-up to the weekend’s manifesto launch. What is clear is that the ANC’s unity project spells policy uncertainty on steroids. The manifesto says: “The ANC believes that the SA Reserve Bank must pursue a flexible monetary policy regime, al...
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