Ramaphosa Supports The Notion Of A State Bank

President Cyril Ramaphosa during his state of the nation address in Parliament, Cape TownPICTURE: COPSAM

By Dumezweni Ndweni

CAPE TOWN: President Cyril Ramaphosa is not opposing the idea of state owned bank.

Ramaphosa was answering questions in the National Assembly from Members of Parliament (MPs) on Tuesday afternoon. He says the creation of a State Bank is the resolution of the African National Congress (ANC) and he’s not ruled out the need to amend the Banks Act to accommodate one.

The question was asked by Floyd Shivambu of the Economic Freedom Fighters (EFF), what is his position on a State Bank?

”I support a State Owned bank because it is through it that we can be able to broaden the money pool in the country,” Ramaphosa responded.

The President believes that creating more banks will grow the economy of the country. In his response he did not leave out emerging farmers as he said there is a need for an Agribank to support them and also Stokvel banks could be established to grow the economy.