ANC reignites push to broaden mandate of the Reserve Bank

Recommendation appears in the 72-page Base Document tabled at the party's National General Council

- SIPHELELE DLUDLA

ANC secretary-general, Fikile Mbalula speaking during the party's National General Council (NGC) at the Birchwood Conference Centre in Boksburg.

(ITUMELENG ENGLISH Independent Newspapers)

THE African National Congress (ANC) has revived its longstanding proposal to expand the South African Reserve Bank's (Sarb) mandate beyond inflation targeting, arguing that the central bank must play a more central role in tackling unemployment, poverty and inequality.

The recommendation appears in the 72-page Base Document tabled for discussion at the party's 5th National General Council (NGC). The document outlines a sweeping overhaul of the country’s developmental strategy, though critics argue it offers more rhetoric than concrete policy direction.

In the section titled "Defining and Implementing an Effective Developmental Path for Growth and Social Equity", the ANC calls for a fundamental rebalancing of South Africa's macroeconomic policy framework. The party argues that the Sarb’s current narrow focus on price stability has not delivered the economic growth needed to address the country’s deep structural challenges.