• Latest
  • Trending

Lesetja Kganyago Will Go To War To Protect Independence

August 9, 2019
Measles making a deadly comeback across Africa

Measles making a deadly comeback across Africa

October 20, 2019

China closer to control of Guinea’s Simandou North

October 20, 2019

EFF calls for ‘admittedly clueless’ Jabu Mabuza to go

October 19, 2019

Ebola Still An ‘Urgent’ Global Health Emergency: WHO

October 19, 2019

Delay in Jacob Zuma’s case as former president plans appeal

October 17, 2019

Pair arrested as Hong Kong police raid flat and seize explosives

October 17, 2019

Nigeria could be heading towards its second recession in three years

October 14, 2019

The train company rebuilding South Africa’s commuter fleet

October 14, 2019

The spectre of David Mabuza presidency has split the DA over Maimane

October 14, 2019

Ethiopian Will Weigh Stake in South Africa’s Debt-Ridden Airline

October 14, 2019
Hong Kong Police Ready to Face More Anarchists

Hong Kong Police Ready to Face More Anarchists

October 14, 2019

DA internal investigation finds no wrongdoing committed by Mmusi Maimane

October 14, 2019
Monday, December 9, 2019
The Colonial Chronicler
No Result
View All Result
  • Africa News
  • World News
    • Asia
      • China
      • North Korea
    • Canada
    • Europe
    • Latin America
    • Middle East
    • Russia
    • United Kingdom
    • United States
  • National Security
    • Cyber Security
    • Military
    • Politics
      • Democracy
      • Free Speech
    • Terrorism
  • Business
    • Economy
    • Free Market
  • Science
    • Technology
  • Culture
    • Art
    • Books & Literature
    • Food & Drink
    • Health
    • History
    • Movies & TV
    • Music
    • Privacy
    • Religion
    • Women & Children
  • Environment
    • Climate Change
    • Endangered Species
    • Forests
    • Wildlife
  • Sports
    • Auto Racing
    • Cycling
    • Football
    • Golf
    • Olympics
    • Tennis
    • Water Sports
  • Africa News
  • World News
    • Asia
      • China
      • North Korea
    • Canada
    • Europe
    • Latin America
    • Middle East
    • Russia
    • United Kingdom
    • United States
  • National Security
    • Cyber Security
    • Military
    • Politics
      • Democracy
      • Free Speech
    • Terrorism
  • Business
    • Economy
    • Free Market
  • Science
    • Technology
  • Culture
    • Art
    • Books & Literature
    • Food & Drink
    • Health
    • History
    • Movies & TV
    • Music
    • Privacy
    • Religion
    • Women & Children
  • Environment
    • Climate Change
    • Endangered Species
    • Forests
    • Wildlife
  • Sports
    • Auto Racing
    • Cycling
    • Football
    • Golf
    • Olympics
    • Tennis
    • Water Sports
No Result
View All Result
The Colonial Chronicler
No Result
View All Result

Lesetja Kganyago Will Go To War To Protect Independence

The central bank governor said that he would not engage in internal ANC party squabbles, but he would strongly defend the central bank’s independence if it was threatened by any government proposals.

August 9, 2019
in Africa News, Africa Today, Business, Economy, Featured, Government, Nation, People, Politics
0
Home Africa News
Post Views: 13

 

South Africa Reserve Bank (Sarb) Governor Lesetja Kganyago said on Wednesday he will fight to protect the central bank’s independence if it is jeopardised by plans to bring it into public ownership.

He has been vocal in expressing concerns over plans by the ruling African National Congress to nationalise the Sarb, and some party factions have also said that the SARB should have an expanded mandate with a more specific focus on jobs.

The central bank governor said that he would not engage in internal ANC party squabbles, but he would strongly defend the central bank’s independence if it was threatened by any government proposals.

RelatedPosts

Measles making a deadly comeback across Africa

China closer to control of Guinea’s Simandou North

EFF calls for ‘admittedly clueless’ Jabu Mabuza to go

Ebola Still An ‘Urgent’ Global Health Emergency: WHO

Delay in Jacob Zuma’s case as former president plans appeal

“This conversation … confuses ownership with the mandate of the institution and the independence of the instition,” Kganyago said at a briefing.

“If it ends up happening and nationalisation takes place, what would we go to war about? When our independence is threatened, that’s when you will see us taking the fight.”

The primary focus of the bank’s monetary policy is price stability, but it also seeks to ensure sustainable growth.

Unlike most central banks in the world, the South African Reserve Bank (Sarb) is privately owned.

But ANC members have said the people should have sovereignty over the bank, and at a party conference in 2017 the ANC resolved to move it into full state ownership, saying that its current status is an historical anomaly, though officials have pledged it will be implemented responsibly.

Kganyago said that the agenda to nationalise the Sarb was being driven by foreign shareholders who could profit from it, and that the debate had become muddled.

“Of all challenges that are confronting us at the moment, is a conversation about the nationalisation of the Reserve Bank the most important debate South Africans should be engaged in?,” he said.

South Africa’s economic growth outlook is uncertain, and data last month showed unemployment had risen to an 11-year high. Earlier data showed economic growth shrank in the first quarter.

Initial optimism around President Cyril Ramaphosa’s ability to revive the economy has faded, and credit ratings agencies cite bailouts for big state-owned companies like Eskom as a major risk to its outlook.

Its weak growth and high debt has prompted speculation that it might look for support from the IMF.

“We don’t have to get there,” Kganyago said of an IMF approach. “These problems are within our grasp. We know exactly what must be done. We know the trade-offs that must be made. We must make those trade-offs.”

Also Read : Private medical aid could disappear by 2026 if NHI Bill becomes law

Source: Eyewitness News
Tags: Africa NewsAfrica TodayBusinessEconomyGovernmentLesetja KganyagonationPeoplePolitics

Related Posts

Measles making a deadly comeback across Africa
Africa News

Measles making a deadly comeback across Africa

October 20, 2019
Africa News

China closer to control of Guinea’s Simandou North

October 20, 2019
Africa News

EFF calls for ‘admittedly clueless’ Jabu Mabuza to go

October 19, 2019
Africa News

Ebola Still An ‘Urgent’ Global Health Emergency: WHO

October 19, 2019
Africa News

Delay in Jacob Zuma’s case as former president plans appeal

October 17, 2019
Next Post

West Africa struggles with rise in pollution

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Translate

Popular Post

Measles making a deadly comeback across Africa
Africa News

Measles making a deadly comeback across Africa

October 20, 2019
0

  Diana Nalubwama had noticed a lot of children in her neighborhood in Wakiso, a town on the outskirts of...

Read more
Meet the Kenyan Teens Tackling FGM with an App

Meet the Kenyan Teens Tackling FGM with an App

August 10, 2017
South Africa’s Opposition Moves to Dissolve Parliament

South Africa’s Opposition Moves to Dissolve Parliament

August 10, 2017
Diabetes on Rapid Rise through Sub-Saharan Africa

Diabetes on Rapid Rise through Sub-Saharan Africa

August 10, 2017
Africa Leaps Forward into Space Technology

Africa Leaps Forward into Space Technology

August 10, 2017
  • About Us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Creative Commons
  • Contact Us

Topics

Follow Us

About Us

The Colonial Chronicler is part of The Colonial Chronicler LLC, which delivers daily news around the globe.

© 2011 The Colonial Chronicle

No Result
View All Result
  • Africa News
  • World News
    • Asia
      • China
      • North Korea
    • Canada
    • Europe
    • Latin America
    • Middle East
    • Russia
    • United Kingdom
    • United States
  • National Security
    • Cyber Security
    • Military
    • Politics
      • Democracy
      • Free Speech
    • Terrorism
  • Business
    • Economy
    • Free Market
  • Science
    • Technology
  • Culture
    • Art
    • Books & Literature
    • Food & Drink
    • Health
    • History
    • Movies & TV
    • Music
    • Privacy
    • Religion
    • Women & Children
  • Environment
    • Climate Change
    • Endangered Species
    • Forests
    • Wildlife
  • Sports
    • Auto Racing
    • Cycling
    • Football
    • Golf
    • Olympics
    • Tennis
    • Water Sports

© 2011 The Colonial Chronicle