ANC parks plan to nationalise South Africa’s Reserve Bank
A top South African ruling party official said plans to nationalise the central bank will be shelved as the government wrestles with getting the coronavirus-stricken economy back on track.
The country doesn’t have the “massive resources” that may be needed to buy out the bank’s private shareholders and spending the money would be unjustified in the current economic climate, said Paul Mashatile, the treasurer-general of the African National Congress.
“We would not want to rush to go in that direction because there are other implications,” he said in an interview. “Our view is that we want these resources to be channeled rather to infrastructure projects.”
The ANC decided at a conference in 2017 that the state should take ownership of the South African Reserve Bank, one…