Mantashe: Beware those waiting ‘in the wings’ to cash in on nationalising Reserve Bank

There are those waiting “in the wings” in the hope
of maximising their share benefits at the South African Reserve Bank if it were
to be nationalised recklessly, ANC chairperson Gwede Mantashe has warned.

He was briefing members of the media shortly after
addressing National Education, Health and Allied Workers Union (Nehawu)
delegates at the organisation’s national policy conference on Thursday.

Protect state coffers

“Those who are shareholders want to cash out and get
maximum benefit out of the process.

“It’s our responsibility to protect the coffers of the
state and implement the resolution process of the ANC very carefully,” he
said.  

He said president Cyril Ramaphosa had every intention of
following through with the ANC’s Nasrec resolutions; however, he needed to do so
carefully.

‘Not like land’

“People are in a hurry to talk about this thing of the Reserve
Bank. The resolution doesn’t say nationalise the Reserve Bank without
compensation; it’s not like land,” Mantashe said. “That will be done
systematically on the basis of availability of resources.”

He added that at this time, the country’s fiscal framework
was in a difficult situation and could not afford to nationalise
recklessly. 

Mantashe said a combination of interests had been calling
for a nationalised central bank, one of these being the bank’s over 2 000
shareholders.

He told journalists it must be appreciated that that the
state would have to pay shareholders money, which required government to be
careful.

‘Lying in the wings’

“There are people who are lying in the wings who want
us to nationalise recklessly and cash out on the nationalisation of the Reserve
Bank. The government of ANC must handle that issue carefully.”

Mantashe said this as Nehawu president Mzwandile Makwayiba
joined a list of ANC leaders, including ANC secretary general Ace Magashule,
NEC member Tony Yengeni and Ekurhuleni mayor Mzwandile Masina, who were calling
for the Nasrec resolution to be implemented.

Mandate

Mantashe lambasted those who, in his view, were reading the
resolutions word for word and speaking out recklessly. 

“We are all aware of it, it must be done.

“We have five years to do it, by the way. Those who
want to appear radical and border on being reckless, think that you can walk
out of a conference and say the Reserve Bank is nationalised.

“All of us agree, there is no person who resists that
the ownership of the Reserve Bank should be national and follow more than 70%
of national banks in the world. We agree on that,” he said, adding that proper
steps needed to be taken implemented.

On Wednesday, during his opening address, Makwayiba – who
leads trade union federation Cosatu’s biggest affiliate – told delegates there
was nothing wrong with changing the mandate of the SARB to create jobs.

“That is the decision of the ANC in Nasrec. Which
leader has the right not to implement resolutions of the conference?

Cosatu needed to be clear on its position instead of
submitting to the will of its friends, Makwayiba added.