The ANC’s secretary-general, Ace Magashule has revealed the ANC’s plans regarding the South African Reserve Bank (SARB). A couple days after the party’s NEC had their Lekgotla meeting, Magashule has returned with shocking news of the party’s aim: to nationalise the central bank.
South African Reserve Bank targeted for nationalisation by the ANC
South Africa’s reserve bank is one of the fewest central banks, in the world, that have private shareholders.
The Citizen, the bank has over 261 000 shares split between more than 600 private shareholders, with Parliament only able to function in a supervisory role within the spectrum.
Many of these shares are owned by people who do not reside in South Africa, the majority shareholder being Michael Duerr, a German with a 57.5% ownership stake in the central bank.
The ANC, largely the Jacob Zuma and Julius Malema faction, has always pushed for amendments to the Reserve Bank Act. The
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