The EFF statement on the appointment of Lesetja Kganyago as governor of reserve bank

06 October 2014

The Economic Freedom Fighters notes the appointment of Lesetja Kganyago to Governor of the South African Reserve Bank (SARB) as yet another reaffirmation of neo-liberalism. Kganyago has been part of the neo-liberal thinking that constituted both the ANC government and the SARB for a while.

The idea of inflation targetting and reliance on foreign direct investement as central to macroeconomic planning have not provided anything for the poor. Kganyago is part of that implementation of neo-liberal policies as the Director-General in the National Treasury and continues to espouse this thinking to this day.

All private banks must be nationalized with government owning 60% of their shares. Banks must be given concrete developmental and job creation mandates, particularly in the provision of housing and small and medium enterprises development. Banks must further contribute to the education and skilling of the people of South Africa. Finally, banks must be democratically run, with their employees paid decent salaries.

Only a vision of regulating and structuring monetary policy rooted in these ideals can bring about change in the lives of ordinary and poor South Africans.

Lesetja Kganyago is a capable black person who in that capacity as a governor will do well and taking his background in COSATU, we hope he will realize that only the above propositions will make an impactful monetary practice.

Statement issued by the Economic Freedom Fighters, October 6 2014

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