16 July 2017

South Africa: The Debate About the Sarb's Mandate Is State Capture On Steroids

analysis

South Africans, must be vigilant that the Reserve Bank remains a token of integrity and independence in the country. While the often-cited Zimbabwe scenario is probably too far-fetched, even under a captured Reserve Bank, it will always be the poor who pay the highest price if we allow the state capturers to infringe on the Reserve Bank's independence.

The recent debate about the mandate of the South African Reserve Bank (SARB) started with a seemingly out-of-nowhere attack by Public Protector Busisiwe Mkhwebane. She incinerated the legal bounds imposed on her office and ordered Parliament to change the SARB's mandate from achieving and maintaining price stability in the interest of balanced and sustainable economic growth in South Africa to "promote balanced and sustainable economic growth, while ensuring that the socio-economic well-being of the citizens are protected".

If it is true that Mkhwebane only consulted with the Gupta-paid Black First Land First group of Andile Mngxitama and the obscure holocaust denier Stephen Goodson, but not with the Reserve Bank itself, Julius Malema and the Economic Freedom Fighters are right: Mkhwebane is unfit for office and must step down. Why she would waste her political capital on a case that is so far...

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