FINANCE Minister Enoch Godongwana said the central bank’s constitutional mandate to maintain price stability is sufficient to foster job creation, suggesting there’s no need for that directive to be expanded.
The head of the governing African National Congress’s (ANC’s) economic transformation committee last week raised the prospect of widening the South African Reserve Bank’s mandate to help create more jobs and support transformation in the nation’s financial industry. Godongwana chaired discussions by the committee about the issue at the ANC’s five-yearly policy conference over the weekend.
“The mandate of the Reserve Bank is defined in the constitution” to maintain price stability in the interests of economic growth, he said in an interview Sunday. “You can then say in maintaining that stability in the interest of growth, you then must take into account that growth with employment generation, so there is nothing wrong with that.”
Godongwana’s comments are further evidence that President Cyril
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