Chairperson of the African National Congress (ANC)’s economic transformation committee Mmamoloko Kubayi said the party needs to review how it makes market-sensitive decisions to avoid rattling investors and business to the detriment of the economy.
The party has in the past made resolutions on the nationalisation of the South African Reserve Bank, among other key decisions, which have weighed on the economic trajectory of the country, only to later dumb them down at the realisation of their negative impact.
Kubayi was speaking to the publication at the ANC policy conference underway at Nasrec on Friday.
Kubayi said the ANC must learn from how corporates conduct their business.
She said the governing party needs to work out how they discuss sensitive policy proposals and resolutions on the economy in such a way that it does not negatively affect market prices.
Meanwhile she said the economic transformation committee will also have to tell delegates at the conference that they have failed to implement the 2017 resolution on the nationalization of the Reserve Bank.
“We will give a report back to delegates and see if they are happy or not. But the issue is we had to make a decision, do you take the money, excessive money and go and pay for those shares at the Reserve Bank or in the environment where we are with the fiscus not doing well. Take the money and focus on the services that needed dealing with COVID-19.
She said it was not discarded due to a lack of political will.
-EWN
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