JOHANNESBURG – The African National Congress (ANC) has no intent to tinker with the independence of the SA Reserve Bank (Sarb), President Cyril Ramaphosa said, after the party said the bank should broaden its focus to boost employment and economic growth.
The South African central bank’s mandate now focuses on price stability, but the ANC said in its 2019 election manifesto that monetary policy should also “take into account other objectives, such as employment creation and economic growth”.
On Wednesday, Ramaphosa said, “There is no intention whatsoever to tamper or tinker with the independence of the central bank.
“The issue that is expressed is that as it goes ahead with its monetary policy machinations and policy decisions, it should also keep an eye on the issue of employment.”
The central bank guards its independence and has opposed attempts to alter its mandate, which is enshrined in the Constitution.
The Reserve Bank has yet to comment on the ANC’s remarks in the manifesto released on Saturday.
“The governing party is essentially saying we have got a burning platform with regard to employment, and we would like everyone to focus on the creation of jobs. Clearly, there is nothing wrong with that,” Ramaphosa added.