By Ferial Haffajee
An assault on the independence of the SA Reserve Bank; Pulling the teeth of the Integrity Commission; A status quo Cabinet: How Ace Magashule is pulling the rug out from the reform agenda of President Cyril Ramaphosa.
Throughout the ANC’s national executive committee at the weekend, President Cyril Ramaphosa sat and chaired the meeting which, in the public mind, decided to change the mandate of the SA Reserve Bank, to instruct the bank to print money and to introduce the policy of quantitative easing – although the final memorandum clumsily referred to it as “quantity easing”.
From his previous statements, it is clear that Ramaphosa does not believe in nor does he trust any of these economic policy stimulus measures, but he presided over the discussions and there is nothing in the ANC’s final communiqué on the matter which suggests he spoke up against them or successfully persuaded the governing party he presides over to take another path.
As that meeting was happening, the final GDP figures for the first quarter were being collated and on Tuesday night they came in: the economy contracted at an unexpected 3.2%, pushing into what may already be a recession.
This brings to three…
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Publish date : 2019-06-06 10:04:43