Last week Ace Magashule, that paragon of virtue and good governance currently lording it over the ANC’s engine room at Luthuli House, again called on the MPs he will be sending to the sixth democratic parliament to ensure that the SA Reserve Bank is nationalised. Magashule has a tendency to revive this issue every time scandal catches up with him. If and when parliament does try to rein in the independence of the Bank, Magashule can expect a formidable fight from Lesetja Kganyago, the governor. This week Kganyago gave a lecture on central bank independence, in which he made it crystal clear that the Bank’s status is not up for negotiation. "Independence is a powerful defence" against bad political leadership, he said. It would seem Magashule thinks nationalising the Bank would take care of those sections of society he likes to blame for his self-inflicted problems — "Stratcom" and "white monopoly capital". The ANC’s highest decision-making body, the five-yearly policy and electoral ...

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