ANC Reasons To Withdraw SARB Motion Are “Flimsy” – ANCYL

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JOHANNESBURG: ANCYL is concerned that the ANC’s parliamentary caucus has taken an unmandated decision to withdraw the motion on “full public ownership on the [SARB] in line with International practice”. 

The African National Congress (ANC) has on Tuesday morning withdrew a planned motion debate on the ownership of the South African Reserve Bank (SARB) scheduled for later today in the national assembly.

The ruling party would not be drawn to provide in-depth reasons for the surprise withdrawal except to say in a brief statement that the decision was taken in order to “allow for greater consultation within structures of the ANC and key stakeholders”. However, the ANCYL calls the reasons to withdraw the motion as “flimsy” and accuse the ANC as “captured”. 

In a statement issued by Mlondi Mkhize, “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 developmental path in the country, amidst the triple challenges of poverty; unemployment and inequality,” Mkhize said. 

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 motion which seeks to amend the Constitution, was brought forward by the Economic Freedom Fighters (EFF). 

According to Mkhize, “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.”

The role, independence, and mandate of the Reserve Bank were expected to be the subject of the 85-minute debate in Parliament on Tuesday.