The ANC should stop being fearful and indecisive on the Reserve Bank mandate
6 March 2018
The Congress of South African Trade Unions has noted with disappointment the decision by the ANC in Parliament to withdraw its motion to debate the mandate of the Reserve Bank. What is even more bizarre is their reason for withdrawal; they argue that they still want to consult their structures. This is a Conference resolution and all the structures of the ANC were represented, when the resolution was taken.
It starting to dawn now that despite the changes that have happened in the Nasrec 54th National Conference; we are still seeing the same a pattern of indecisiveness and even retreat from some on the mandates, especially on the budget and interest rates.
It is obviously clear that the same macroeconomic policy framework that was applied before will continue to be used, despite the rhetoric about the centrality of job creation and the transformation of the economy.
We hope that the ANC is not succumbing to the pressure of ratings agencies that have been berating it for years or the so called investors, who are not interested in transforming the economy of this country. Foreign Direct Investment is not a panacea for all of our economic problems.