TOP STORY | Cyril Ramaphosa urged to fight populism in ANC
29 April 2019 - 14:01President Cyril Ramaphosa speaks to supporters during an ANC campaign event in Bloemfontein. Picture: WALDO SWIEGERS/BLOOMBERG
While there has been little movement on key challenges such as the restructuring of Eskom, which received an emergency bail-out in April, elements within the governing party have been making potentially damaging statements about the ownership of the Reserve Bank. That could have translated into more rand volatility and higher borrowing costs through increased bond yields.
The BLSA, which falls under umbrella group Business Unity SA and was a vocal critic of graft during Jacob Zuma’s presidency, said the government needed to be decisive in its defence of the central bank’s independence, the protection of property rights and the unbundling of Eskom, which credit agencies have identified as the single largest risk to the economy.
Debates about the expropriation of land without compensation and the nationalisation of the Bank have been politically tricky for Ramaphosa to navigate after the party, allegedly at the behest of his rivals aligned with Zuma, adopted resolutions calling for both. While private shareholders have no say on the Bank’s monetary policy, critics of the governing party have argued that the obsession in its ranks with the ownership issue was a mask and possibly a step to ultimately attack its policy autonomy.
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