The Economic Freedom Fighters (EFF) has condemned Finance Minister Tito Mboweni’s dismissal of a resolution to nationalise the Reserve Bank.
On Wednesday, Mboweni clarified the mandate of the Reserve Bank, saying it operates independently without fear, favour or prejudice, provided there is regular consultation with him as the minister.
This comes after the African National Congress (ANC) explained that it had not decided to expand the central bank’s mandate to include growth and job creation, as had been previously stated.
In a statement the EFF said Mboweni’s economic ideas dismally failed to create jobs, alleviate poverty and reduce inequality.
The party reiterated that the bank must be nationalised, saying private interests must be cut off completely to allow the bank to fully belong to the South African public.
The EFF said it would table a bill to realise the nationalisation of the bank when the sixth Parliament reopens.
It said the governing party must show some courage in implementing their own resolutions and should never allow Mboweni to bully them into silence.
During the 2017 ANC conference, the party resolved to nationalise the Reserve Bank.