Evolution of ANC economic policy sheds light on row over central bank
The party failed to address the issue of the Reserve Bank's mandate when it should have, at Codesa. We need sober debate about it now
The recent squabble over the mandate of the South African Reserve Bank has very little to do with real economic policies. Instead it is emblematic of the intensely polarised political distrust within the ANC. Compounding the problem is the lack of any coherent grand vision from the ANC about the road it wishes SA to embark on.
The ANC has been largely clear on the values and principles (nonracial, democratic, state-led, redistributive) that inform economic policy, but short on specific strategy details. This may have served the ANC well during its years in exile. But, since 1994, the costs of its inability to deliberatively focus on important issues in the economic realm have come back to haunt the party...