Economic policy

Problematic ANC does not discuss macro-economic policy: Economist – SABC News

Economist Duma Gqubule says it is problematic that the African National Congress (ANC) does not discuss macroeconomic policy.

He was reacting to the results of the party’s sixth policy conference which ended on Sunday in Nasrec, south of Johannesburg.

Conference delegates proposed that the Reserve Bank’s mandate be moved beyond inflation targeting to include tackling unemployment.

Gqubule says there is a case to be made for the Reserve Bank to have a triple mandate targeting economic growth, jobs and inflation.

He says: “The problem with all the ANC conferences is that they don’t discuss macroeconomic policy, and there is no internal democracy that requires this discussion. Unemployment, poverty and inequality are macroeconomic policy issues. In 2012, the National Development Plan set a target of 5.4% GDP growth and the creation of 11 million jobs by 2013, but the Treasury is focusing on debt, the Reserve Bank is focusing on inflation, it is no one’s responsibility to achieve these targets. ”

Economic growth

The South African Communist Party has reiterated its position that the Reserve Bank’s mandate must be changed to promote economic growth.

Party general secretary Solly Mapaila said the banks were stealing people’s money and wanted the government to go ahead with its plan to create a governed bank.

“The banks are much less about themselves than about ourselves and we have called for the establishment of a public banking system. You can have Gauteng for example having its own national bank. Municipalities and metros with their own bank. Because in the context of a country that focuses on the dreaded silver, i.e. paper money, silver that is not coupled to any critical mineral, gold or platinum whose we dispose. The banking system is an organized plunder of capital all over the world.

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