ANC muzzles Mboweni over Reserve Bank comments

The ANC has issued a statement rebuking finance minister Tito Mboweni for his comments on the party’s plan to nationalise the Reserve Bank.

In the statement – which was published on Twitter – the party warned that Mboweni’s comments presented the ANC as a divided party that did not present a coherent message.

“It is our view that Comrade Tito should act with care and be cautious at all times on matter of policy given his position as the minister of finance, including subjecting himself to overall communications protocols of the African National Congress.

“Those who serve in leadership structures of our movement, especially within the National Executive Committee (NEC), the highest decision-making body in between conferences, are expected at all times to uphold and defend resolutions of the ANC on public platforms.”

It added that any “public spats initiated without any form of provocation feeds into the narrative of a lack of policy certainty.”

The statement said that it encourages all leaders and members of the ANC to exercise their freedom of speech as long as it was done within the confines of the ANC’s structures.

Hot water

The rebuke comes after Mboweni published a series of tweets on Tuesday evening (14 January) stating that he was unsure as to what the ruling party hoped to achieve by nationalising the central bank.

He also hinted that the loss of the central bank’s independence may ultimately hamper structural economic reforms in the country.

He said that the public should have a greater say on the decision and invited followers on Twitter to voice their opinion on the issue.

The ANC said in a statement last week, that its national executive committee will continue with its plans for nationalisation in a responsible manner.

“In line with the resolutions of the 54th National Conference, we reaffirm the role, mandate and independence of the Reserve Bank, and will undertake the process towards full public ownership of the Bank in a manner and according to a time frame that is prudent and affordable and that does not benefit private shareholder speculators,” it said.

Parliament officially revived the bill which proposes the nationalisation of the Reserve Bank in 2019.

Mboweni has been on somewhat of a tirade on social media in 2020. Last week, the minister urged the government to crack on with economic reforms.

“Structural Economic Reforms Inertia is frustrating. Let’s get on with it. Movement!! Many steps at a time!!” the minister said.


Read: Mboweni tweets that nationalising the Reserve Bank is the wrong move

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ANC muzzles Mboweni over Reserve Bank comments