The ANC is continuing its push to create a state bank in South Africa.
Speaking at the latest ANC national policy conference, party president Cyril Ramaphosa said that delegates agreed to the formation of a state bank and urged that the process to establish it be accelerated.
“Access to capital and access to funding is critical to the diversification of the economy,” said Ntshavheni. “We can not be apologising in terms of the interventions we need to do to transform the sector and raise money for the government.”The government will not turn either the African Bank or the state-owned Postbank into the country’s state bank, said Ntshavheni.
In terms of Postbank, she said that the entity must make its own arrangements in terms of whether it is sustainable and how it distributes social grants, adding that she does not understand why the government should take out its own money to assist it.Talk of a state bank has been on the cards since last year, with former minister of finance Tito Mboweni suggesting plans for the central bank to list its stake in African Bank Holdings Ltd.
“Delegates urge the ANC government to find mechanisms to restructure the bank’s ownership in a manner and pace that take account of the likely cost implication for the fiscus,” said Ramaphosa at the conference. In 2017, the SARB said that the process of changing the ownership structure of the SARB could raise the level of risk and uncertainty for the country in both a financial and economic policy sense.
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