African National Congress , ANC , South Africa News

Subscribe to Newsletter

Subscribe to our daily curated newsletter to receive the latest of Politicoscope top politics stories delivered to your email inbox.

A row within South Africa’s ruling African National Congress (ANC) party about the role of the country’s central bank is unnerving investors because it is being driven by bitter factional battles rather than sober policy debate. Broadening the South African Reserve Bank’s remit to promote jobs and growth as well as taming inflation would not be seen by analysts as a problem per se, given other central banks including the U.S. Federal Reserve have similar dual mandates. The worry is that the push to change the bank’s mandate is coming from a left-wing camp within the ANC that wants President Cyril Ramaphosa to change tack on a range of policies – and is using the Reserve Bank as a battering ram, some ANC members say. The damaging public row over the bank’s role comes at a time Ramaphosa is trying to build confidence in the economy by tackling long-standing issues such as inefficient state enterprises and corruption. “This is about the internal politics of the ANC and the factions that are fighting for influence,” said Melanie Verwoerd, a former ANC lawmaker and political analyst. The ANC is a broad ideological church that has governed South Africa since the end of white minority rule, but it is deeply divided over how to deal with the persistent poverty and unemployment that are hitting its support at the polls. The row within the ANC surfaced on Tuesday when Secretary General Ace Magashule, part of a group of ANC leftists and populists, said the…

Most Popular

Here’s why you should get Politicoscope premium articles:
. Get all year access to premium articles on any device.
. Enjoy full, unlimited content with less on-site advertising.
. Exclusive long reads and a weekly look ahead email.
. Be the first to receive all the breaking news as they happen.
. Cancel anytime with Premium Membership. Limited time offers.

Log In Sign Up

Most Read

Thank you for visiting Politicoscope.com. Show your strong support.
+ Share this content with friends or Leave your comment below.
+ Subscribe for content like this and more.
+ Submit news or tips.

Donate

Donate now to help us provide more story like this.



More Donation Options

* Here are other Donation options for you.

* For Premium News readers, you can register here today.

Donate

Donate now to help us provide more story like this.



More Donation Options

* Here are other Donation options for you.

* For Premium News readers, you can register here today.

Comments are closed, but trackbacks and pingbacks are open.