President Ramaphosa Releases A Statement On SARB


AFRICAN NATIONAL CONGRESS. OFFICE OF THE PRESIDENT. Statement of Officials of the African National
Congress Regarding Urgent Economic Priorities Facing South Africa. The National Officials of the ANC held a meeting
on 06 June 2019, at Luthuli House. Amongst other issues discussed, was the recent
2019 Q1 GDP figures released by Statistics South Africa. These figures indicate a contraction in the
GDP growth rate by 3.2%, on the back of a poor average rate of growth of 0.8% in 2018,
and an unemployment rate in Q1 2019, rising to 27.6%. This serious state of affairs reaffirms the
observations of the ANC Lekgotla, held from the first to the third of June 2019, that
we need to seriously tackle the challenges facing South Africa together, with a sense
of urgency and unity of purpose. The NEC Lekgotla, which focused on apex priorities
for the implementation of the ANC Manifesto, saw the growing of an inclusive economy, and
building state capacity as key. The economic transformations pillar, therefore,
includes such apex priorities as a re-imagined industrial strategy to grow jobs and participation
in key sectors; urgently addressing the integrated energy mix, energy security, and particularly
ESKOM; speeding up infrastructure development programmes, including water, ports, rail,
and rural roads (hence the President’s meeting yesterday, with CEOs of the key State-owned
enterprises); strengthening initiatives to decisively tackle youth unemployment; an inclusive
financial sector, a stable and supportive macro-economic framework, to grow and develop
the economy. The Officials emphasized the policy positions
of the ANC, on the independence and role of the South African Reserve Bank, as set out
in the Constitution of the Republic of South Africa. The Constitution in Section, sets the role
of the Reserve Bank as protecting “the value of the currency, in the interest of balanced
and sustainable economic growth”. It further states, that this mandate must
be exercised in regular consultation with government, through the cabinet minister responsible
for the national financial matters. This policy has not changed. It is our desire for the South African Reserve
Bank to be publicly owned. However, we recognise that, this will come
at a cost, which, given our current economic and fiscal situation, is simply not prudent. In the context of the above, the Officials
viewed the recent public spats about the mandate of the SA Reserve Bank, as not being helpful,
and mitigating, and undermining the confidence of citizens, and of investors. There is broad agreement, that all viable,
legal, and other policy instruments at our disposal, should be used to ensure, that we
get the economy growing again, and create jobs, by implementing the apex programmes
of our Manifesto, in order to achieve our desired national objectives. Issued by ANC President, Cde Cyril Ramaphosa For Enquiries. Zizi Kodwa, Head of Presidency. Tel: 082 330 4910. Thanks for watching. Please comment, like, share and subscribe.

3 thoughts on “President Ramaphosa Releases A Statement On SARB

  1. I was expecting this frm da President..what else can he say..da Q is does he save ppl or certain individuals..Y he didn't say so when he made his speech at Nasrec in front of all delegates..Cyril uyishaya emuva..ayishaye phambili..anyway let's wait nd c

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