ANCYL reaction to the withdrawal of ANC motion on SARB 

6 March 2018

The African National Congress Youth League (ANCYL) notes with concern that the ANC’s parliamentary caucus has taken an unmandated decision to withdraw the motion on “full public ownership on the South African Reserve Bank (SARB) in line with International practice”. The motion was schedule for debate this afternoon in the National Assembly (NA).

The reasons behind the withdrawal of the motion are flimsy and not politically convincing. The withdrawal suggests that some of the leading figures in the ANC remain “captured”, and abuse their positions of power to advance the interests of white monopoly capital.

The public ownership of the Reserve Bank will represent a decisive shift, and redefine its mandate to control prices increases; fight poverty; promote creation of decent work, and abandonment of the inflation targeting policy. The SARB must be repositioned to play a key role in the development path that the country, amidst the triple challenge of poverty; unemployment and inequality.

As the ANCYL we reiterate our call for the nationalisation of the SARB, including Banks and other monopoly industries to be in the hands of the people under the custodianship of our democratic State. Our call is consistent with the broader objectives of the National Democratic Revolution (NDR) as defined in the Freedom Charter.

The ANC cannot self-proclaim itself to be a leader of “society”, but egg walk on the key resolutions taken at the watershed 54th National Conference, as part of our radical socio economic transformation agenda.

We don’t need the self-anointed “economic freedom fighters” to opportunistically table this motion and “steal” the thunder, whilst we make ourselves look indecisive in the eyes of the public and electorate. The ANC must demonstrate its role as a leader of society even in such matters. We can’t allow the SARB to remain in private hands anymore.

Issued by Mlondi Mkhize, National Spokesperson, ANCYL, 6 March 2018