South Africa’s ANC says agreed to expand central bank mandate

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JOHANNESBURG (Reuters) – South Africa’s governing African National Congress Secretary General, Ace Magashule, said on Tuesday that a meeting of the party’s executive had agreed to expand the mandate of the central bank.

The rand extended losses after Magashule’s comments, as investors are nervous about any changes that could harm the independence of the South African Reserve Bank.

“The National Executive Committee lekgotla (meeting) agreed to expand the mandate of the South African Reserve Bank just beyond price stability, to include growth and employment,” Magashule told a news conference in Johannesburg.

Magashule added that the ANC’s executive wanted the government to constitute a task team to explore quantitative easing measures for developmental purposes.

Reporting by Alexander Winning, Editing by Olivia Kumwenda-Mtambo

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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