"By public ownership of the Reserve Bank we mean that that public investment companies like the PIC, the IDC, like stokvels that we have, like agricultural unions, like taxi associations, individual burial societies, through a share scheme to get access to the Reserve Bank so that whatever we get as income and revenue must first and foremost help South Africans," said Legoete.
"Currently the bank is 60% owned by foreigners, so whatever comes as revenue or shares growth from the bank goes to international people who may not help us to grow the economy internally - even though we accept direct foreign investment - but to a certain extent we must talk about South Africans owning their own public assets as part of us broadening economic participation and economic ownership."
Legoete said this would change economic ownership patterns drastically in favour of the majority.
"Currently, as it is, we tax less than 10% of South Africans, who must pay for the social responsibility of more than 90%. The 90% by and large are consumers and not owners of means of production, so industrial and power relations need to change in the economy if we are serious about radical economic transformation," added Legoete.
