Former president says the move would change nothing as it is government that drives policies
Speaking his mind: Former president Thabo Mbeki arrives at the Rand Easter Show in Johannesburg. He slammed the proposed nationalisation of the Reserve Bank and came out to endorse the ANC. Picture: GENEVIEVE QUINTAL
But the intervention is likely to be welcomed by Bank governor Lesetja Kganyago, who has previously warned that election-driven “crazy ideas” about the Bank’s ownership and mandate would harm investor confidence, while buying out its shareholders would divert resources from key developmental needs. The issue came back to the fore in January when the governing party released an election manifesto saying the Bank should “pursue a flexible monetary policy regime”.
Mbeki said on Tuesday he would need someone to sit down and explain to him exactly why the Bank should be nationalised. “I hear people saying the Reserve Bank must move away from this business of inflation targeting. Inflation targeting is not a decision of the Reserve Bank, it is a decision of the South African government.
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