South Africa: The Need for Public Debate On Macroeconomic Policy

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We welcome the frank views by Deputy Minister of Finance Dr David Masondo on politically sensitive issues, indicating that there is still scope for discussing difficult choices without being labelled as dogmatists.

Dear President Ramaphosa,

We have read with great interest and appreciation the broad comments by Deputy Minister of Finance Dr David Masondo in an interview with Business Day on Thursday 4 July.

While some may feel that parts of his comments are controversial - such as those on monetary policy - we nevertheless welcome the frank views on politically sensitive issues, indicating that there is still scope for discussing difficult choices without being labelled as dogmatists. It was refreshing to have a contribution that got to the substance of the policy matters at hand from someone who clearly possesses a serious intellect. We should continue in this vein, insisting on separating the substantive policy debate from politicking and alarmism.

We do not wish to get entangled in the debate on the SA Reserve Bank (SARB) except to say that a recognition of the independence of the bank does not preclude proper consultation with the Treasury. Fiscal and monetary policy must work in tandem.

We particularly welcome Dr Masondo's...

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