The South African Communist Party (SACP), an alliance of the African National Congress (ANC), wants the government to establish a state-owned bank to prevent public looting of national resources.
Party secretary-general Solly Mapaila says they will recommend the alliance accept the creation of a public banking institution at the ANC’s 55th political conference, which is being held in Nasrek, south of Johannesburg.
Mapaila says the state should not ask for development money if it has its own resources. He criticized the current banking system and called them marauders.
“We called for the creation of a public banking system. You can for example have Gauteng with its own national bank, the municipalities and metros have their own bank. Because in the context of a country that focuses on scare money, in other words, paper money, money that is not coupled with any critical minerals, the gold or platinum that we have. The banking system is an organized robbery of capital worldwide.
Mapaila says the ANC’s sixth political conference has the huge task of trying to save the ruling party from the crisis it is facing from both internal and external factions.
He says the conference should come up with solutions for the party to end divisions so that it can focus on its mandate which is to serve the people.
ANC national executive committee member Mmamoloko Kubayi says one of the main discussions during the party’s sixth national policy conference will be addressing the country’s economic crisis
Kubai says the ANC’s policy document will hope to address socio-economic challenges affecting South Africans.
“The conflict between Russia and Ukraine continues to have a negative impact on the world market. So it is not just SA that is struggling with the economic environment, fuel prices and inflation. Many Reserve Banks around the world have expressed concern and for us here in SA we are facing problems with high unemployment, the cost of living is getting high while wages are at the same level – it is becoming difficult for citizens to survive…We feel that delegates will raise the issue of the Reserve Bank’s mandate, unemployment issues and support the transformation of the financial sector.”
In the video below, analyst Angelo Feek and reporter Samkelo Maseko break down the pre-conference expectations: