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Public Protector wants to change the Constitution to “transform” the Reserve Bank

Public Protector wants to change the Constitution to “transform” the Reserve Bank

Public Protector Busisiwe Mkwebane has asked for a Constitutional amendment of the Reserve Bank’s role in the economy,  after finding that the national bank is currently geared to serving “only the benefits of a few.”

Speaking at a findings presentation on Monday morning, Mkwebane recommended the changes after finding that the South African government was allowed to recover R1.125 billion in “misappropriated public funds” given to Absa bank during the apartheid era.

Mkwebane specifically requested that the Reserve’s Bank’s duties to the public be Constitutionally altered to better reflect the need for economic transformation in the country.

She wants the primary objective of the Reserve Bank to change from protecting the value of the currency, to ensuring the socio-economic well-being of citizens.

The current objective of the Reserve Bank, as written in the Constitution is as follows:

(1) The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic.

(2) The South African Reserve Bank, in pursuit of its primary object, must perform its functions independently and without fear, favour or prejudice, but there must be regular consultation between the Bank and the Cabinet member responsible for national financial matters.

Under Mkhwebane’s recommendation, Section 224 of the Constitution should read:

(1) The primary object of the SARB is to promote balanced and sustainable economic growth in the Republic, while ensuring that the socio-economic well-being of the citizens are protected.

(2) The South African Reserve Bank, in pursuit of its primary object, must perform its functions independently and without fear, favour or prejudice, while ensuring that there must be regular consultation between the Bank and Parliament to achieve meaningful socio-economic transformation.

This amendment will be undertaken by the Portfolio Committee on Justice and Correctional Services who will initiate the process by introducing a motion in the National Assembly.


Read: Absa must pay back R1.125 billion for irregular apartheid-era gifts: Public Protector


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  • b0erseun

    Stop tap-dancing and release the reports involving the Guptas…..

    • NosySnoopy

      Won’t happen.

      • WookieJebus

        Judging by the lengths she’s going through to try and distract us, I’m going to go ahead and agree with you on this.

    • Blapartheid Zulu

      She will, the report will be that they are 120% innocent. I trust Zuma won’t disappoint.

  • NosySnoopy

    So Zimbabwe’s transformation is going well…

    • Blapartheid Zulu

      Process of decolonization, I thought they were joking….

  • SpiritOfNehanda

    No wonder the media was now shifting focus on her when they said she has only worked on 9 reports so far. The economic allies will now point bad publicity towards her for the next couple of days. Gigaba will take a break for now..

  • Danie

    Transformation probably something along the lines of how to funnel (quickly and effectively) most or all of the funds from the reserve bank to the Guptas and to Dubai without paying taxes.

  • JayPRET

    Nah, let it happen. Muck the reserve bank up. Let the currency crumble…
    it’s time for the voters and their leaders to see what happens when you implement policies that benefit the so called “majority”, when in actual fact, it benefits the ANC elite.

    • Aristophanes

      True – and as R W Johnson says in his book, when they have to go bowing and scraping to the IMF (of course these tossers still believe the BRICS bank will bail them out!) I’d love to be a fly on the wall to hear the roars of laughter when they hear what she’s done.

    • Dale

      You say that like countries such as our northern neighbour got rid of their awful rulers as soon as their currencies fell apart.

    • Bruce Mills

      She can’t alter the role of the South African Reserve Bank simply due to the fact that the bank is not owned by South Africa – it is foreign owned and controlled for the specific function of controlling the value of our currency irrespective of socio-economic conditions that the ruling Government may create.
      The hands of the ANC are tied. The money supply is controlled from outside our economy by the Global Elite who will shrug off the PP’s wild ideas.
      Doesn’t she know how it works?
      Jacob Zuma was visited by Christine Legard of the World Bank in 2013 during the ANC celebrations [ ancestral offerings] in Bloemfontein and I suspect she briefed him on the way having their loans work, in terms he could grasp!
      She had just visited Pretoria and the Governor of the SARB the day before – wonder what that discussion was about?
      To me this is smoke and mirrors and the PP has no cooking clue whats is going on.
      The loans to the banks probably did not even come from Treasury as many are trying to say but from the IMF or World bank.
      Remember when Owen Horwood was Finance Minister – SA owed no one a cent in debt. When Barend Du Plessis took over from him the first move was to get IMF loans for SA. Look up the World Debt Clock and check how much YOU owe the money elites !
      The ANC are playing water polo in a deep pool and don’t know how to swim.

      • Johan Formaas

        Public Protector name should change to
        Zupta Protector.

        • Agreed. Even the temporary name of “Presidential Protector” is losing its relevance.

      • Jacobus Pienaars

        Parliament can change the role of the bank though by ammending the relevant part of chapter 13 of the constitution. To be fair, she was refering to that.

      • Jacobus Pienaars

        Some people disagree with this interpretation of that loan. Go check one by the historian Herman Gilliomee on Politicsweb.

  • v_3

    This lady clearly knows fokkol about economics.
    But she does know to cover-up the Zuptas

    • Fanandala

      I think she covers them and they cover her, sort of like the sow and the boar.

  • daniel

    It seems that this new Public protector is busy wandering on terrain she is not qualified or mandated to do.

  • Greg

    The PP must do her job and protect the PUBLIC and stop trying to be a politician

    • Aristophanes

      The only people this cow is protecting are her mates the Zuptas.

      I look forward to seeing her at the Treason Trials as well. She’s a freaking disgrace.

      • Lone Stranger

        We all knew that when she got appointed. All the people who work to protect us against the government, belongs to the government, so it does not take a monkey to put one and one together and saw that this was going to happen.

  • YouThinkTheDarknessIsYourAlly

    So it begins…

  • Ga77a

    This one change in the constitution is the single greatest threat to democracy and stability of the country. Any history buff will tell you that when currency controls are turned off in the Weimar Republic, Hungary, Zimbabwe or SA, it does not end well.

    • Wayne Cassidy Links

      why would you say that. SARB

  • TellUs

    When everything’s in ashes, it will still be WMC’s fault.

  • Jacqueline Geerlings

    what is she doing in the policy domain of the ANC?

  • R1ckyR00ny

    Time to pack our white monopoly capital and go… The clowns (cANCer) are really flushing the economy down the toilet now, them and the 1d10t (cANCer) supporters.

  • QS

    communism here we come !!!

    • Number4Oar

      Even the communists aren’t this stupid. This is way past communism and heading for stone-age economics.

      • QS

        the anc live on these principles:

        deny
        deflect
        blame 3rd party

        the attack on the absa and the reserve bank is part of their deflect policy – to take media attention off of the gupta emails

        “The SA Reserve Bank says Public Protector Busisiwe Mkhwebane’s remedial action to change the Constitution regarding its mandate to protect the value of the rand “falls outside her powers and is unlawful”.

  • All this noise is a prelude to completely capture the reserve bank, and place the future of every South African at the mercy of the Gupta’s.

    Expect billion rand notes to buy one bread in the near future…

    And here we all thought that black people do want to be slaves…

    • Aristophanes

      I’ll fetch my wheelbarrow, LB.

  • Skerminkel

    Red herring.

  • MH

    HOW is this going to protect us, the public????? The strong Rand is preventing us from having 1000% inflation! Thank goodness. Bread would cost R1000 and TVs, PCs, clothes would cost us millions of Rands by now if they didn’t care about the Rand first. I would consider that looking after the public interest.

    • Jobe aka VI

      Good point but………….

  • Rob Charlton

    What sort of economics suggests that “protecting the value of the currency” is anything other than “ensuring the socio-economic well-being of citizens”.?

    • Ubaba meet Baba

      Zuptanomics.

  • Aaron Anderson

    What on earth is the PP doing attacking the role of the Reserve Bank when there are so many more obvious and glaring issues that she should be investigating? Obviously captured beyond all redemption.

  • BallsToTheWall

    Public Protector Vision:

    “A trusted, effective and accessible Public Protector that
    rights administrative wrongs and consistently acts with
    integrity to ensure fair, accountable and responsive
    decision making, service and good governance in all state
    affairs and public administration in any sphere of
    government.”

    This vision above is a stretch for our current Public Protector it seems…The rand seemed to tank after her fiddling too – so yet another “public” representative that displays buggerall interest for the South African “public”. #Captured

  • Thinus

    The retards are out in force & breeding people! Absa threatens to close an account with irregular spending & then zuptaville comes with a random 1 billion+ apartheid claim & reforms for the bank they keep lending from. The shower head & friends broke this country beyond repair. In 5 years Zim will look like a safe haven compared to this cesspool their building..

    • John Phoenix

      How. Do. WE. Stop. It. What can we as clear thinking South Africans do to halt this downward spiral, every week more bread and games, history has proven that every empire (big or small) falls, so what makes the ANC so Different? 0°

      • De Wet Steynberg

        How do you stop the ANC? The ANC polarises people against eachother without them even realising. We fight and biker with eachother instead of standing against the ANC in solidarity. We need a strong leader that can unite people to a common cause to create a better future for everyone. What can you do? Don’t become polarised. Don’t fall into their trap. Help your fellow man regardless of his culture, creed or color.

  • Hennie

    Since when is the public protector the only person with knowledge on how the economy works?

  • Lone Stranger

    And so the beloved country falters due to a few corrupt politicians. I think it is a good thing actually. People started becoming to comfortable that they will not sacrifice anything for the greater good or help their fellow man. For action to be taken, one must have nothing to lose. Arrogance and greed has brought us to our fate.

  • JJ49

    I so wish that one can get intelligent comments, based on knowledge on issues like this in stead of foolish biased remarks by virtually everyone (apologies to Bruce Mills). He who does not know and does not know that he does not know, Is a fool. Ignore him.

  • Joe Black

    What business is it of hers? That’s not her job.

  • Kiepie

    Is it possible to be an advocate and at the same time be this thick? Or is there an agenda?… I suspect the latter.

  • Silver King

    Can we first get in writing what this “transformation” means as now it can mean anything.

  • Jobe aka VI

    Is it bad to try and correct the wrongs of the past? The Reserve Bank was captured a long time ago, that’s why even today, it still benefits the few. My point to the matter is that, if what the PP doesn’t work, SA is very vibrant! By that i mean, we are lucky enough to have people who knows and understand what bullshit is and can act on it. For now we just want, by ‘we’ i meant, the previously disadvantaged, we want to see Justice. We are not in the Mandela era where everything that was said to him was A-ok!

    We’ve been poor for too long, undeservedly so, because we had it all, but all was taken away from us. To those who can come into their senses and realize how badly we’ve been treated in the past, am sure they will understand all what is happening. No one is trying to take anything from no one here.
    I understand some of the things are done in a wrong manner, that’s why others are furious but its not as bad as how it was done before, by force, by killing, by beating others, by throwing others in jail for speaking out the truth.

    My last point is that, if this doesn’t work, the Constitution can still be changed. Let us not be afraid of change. Let us all benefit. Let us not do it through corruption though. Lets do it correctly, and this is the correct way

  • Khipheyakhe

    “Lord…grant us the serenity to accept the things we cannot change, the courage to change the things we can, and the wisdom to know the difference…” [R. Niebuhr]. Then, grant us 66,666′ % to change the constitution. And while at that, don’t forget to give us honest politicians we can believe in…!

  • Disme

    her “findings” are irrelevant. she cannot change the constitution… only parliament can change the constitution ..

    she is clueless!

    This nonsense about ABSA has hurt the Rand nicely… again an ANC Muppet working on ZUpta instruction is hurting our country….

    Ironic don’t you think??? Especially when she is doing the opposite of what she is trying to force here???
    “ensuring that the socio-economic well-being of the citizens are protected.”
    ha… this behaviour is definitely not in favour of the citizens !

  • Pirate Protector… Public Puppet

  • So she wrote that absa report like:
    “Warra warra, apartheid, warra R1.8 billion warra warra OH LET ME PUT THIS UNRELATED THING IN HERE, IS THAT OK MR GUPTA?”

  • Runnin Bare

    Further reason for mampara of the week.

  • Jacobus Pienaars

    The context: How is the economy? What is the unemployment figure?
    And the facts: She cannot tell parliament to do anything. Only parliament can change the constitution. And for the part she refers to, it will need 66% of the vote. And the ANC has only 60%

  • Renny Meere

    Why is the ANC so dead set on destroying the SA economy, don’t they care for their people, how dumb & ignorant can a ANC voter be, people scarified their lives to the ANC so that a few can destroy that. These atrocities caused by the current ANC leaders far outweight the damage done by the Aparttheid government.

  • Butch

    incompetence in action

  • Luna Moon

    this new cANCer kid has great plans

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